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Natural Gas Dips, Crude Oil Extends Losses

February 4, 2015 at 19:26 by Vladimir Vyun

Futures for natural gas continued to fall today following previous losses due to weather forecasts. While near-term estimates promise low temperatures in the United States, extended forecasts predict warmer weather in the middle of the month. This results in a negative outlook for gas prices. forecast:

Futures were likely to find support at $2.608 per million British thermal units, the low from February 2, and resistance at $2.924, the high from January 29.

March futures for delivery of natural gas dipped 3.09 percent to $2.67 per million British thermal units as of 19:14 GMT on NYMEX today.

Meanwhile, crude oil extended its already substantial losses due to the bearish supply report. The Energy Information Administration reported that US stockpiles of crude expanded by 6.3 million barrels to 413.1 million last week, more than analysts predicted. It means that the reserves, which were already at the record level, continue to grow despite closure of US oil rigs. March futures for delivery of WTI crude oil tumbled 6.96 percent to $49.36 per barrel on NYMEX today. Brent grade of oil lost as much as 4.46 percent of its value trading at $55.33 per barrel on ICE.

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