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Futures for Natural Gas & Crude Oil Drop Below Opening Level

June 17, 2015 at 17:06 by Vladimir Vyun

Futures for crude oil fell today even though the supply data was bullish for the commodity. The Energy Information Administration reported that US inventories of crude shrank by 2.7 million to 467.9 million barrels last week. The market counted on a smaller decrease by 1.3 billion. Still, prices were not able to keep earlier gains and are trading below the opening level right now. July futures for delivery of WTI crude oil dropped 1 percent to $59.37 per barrel as of 17:00 GMT on NYMEX today. August contract for Brent crude lost 0.86 percent to $63.15 per barrel on ICE.

Natural gas dropped today as well. Now, traders wait for tomorrow’s report from the EIA that is expected to demonstrate a drop of US gas stockpiles by 95 billion cubic feet. July contract for natural gas slipped 0.17 percent to $2.89 per million British thermal units on NYMEX today. Earlier, prices rose to $2.94 — the highest level since May 22.

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