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Crude Oil Struggles to Find Direction, Natural Gas Gains

June 8, 2017 at 19:17 by Vladimir Vyun

Crude oil was down today as concerns about global oversupply continued to hurt the commodity, though the West Texas Intermediate grade is attempting to bounce right now. Yesterday’s surprise gain of US crude oil inventories added to such concerns and led to huge losses for crude. Yet during the current session, oil was struggling to demonstrate a clear trend. WTI crude oil for delivery in July was little changed at $45.70 per barrel as of 19:06 GMT on NYMEX today after swinging between gains and losses. August Brent crude dropped 0.29% to $47.92 per barrel on ICE.

Naturals gas gained today despite the bearish supply report released in the United States. The Energy Information Administration reported that US inventories gained by 106 billion cubic feet instead of rising by 99 billion cubic feet as was predicted. A possible reason for the gains could be tensions between Qatar and several other Middle Eastern countries. Qatar is a major exporter of natural gas, therefore the conflict may have a big impact on global supply. July contract for natural gas gained 0.3% to $3.03 per million British thermal units on NYMEX.

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