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Natural Gas Falls on Inventories, Oil Drops on Risk Aversion

March 25, 2011 at 0:21 by Vladimir Vyun

Natural gas dropped as the US inventories of natural gas declined to lesser extent than was forecast. The Energy Department reported that the stockpiles fell 6 billion cubic feet to 1.612 trillion cubic feet last week, compared to the median forecast of an 11 billion decrease. April delivery for natural gas slipped as much as $0.091 (2.1 percent) to $4.244 per million British thermal units on NYMEX.

Crude oil dropped from the 30-month high on concerns for the growth of the global economy. Risk appetite of traders waned after Fitch Ratings downgraded Portugal’s credit ranking and the US durable goods orders unexpectedly decreased. May delivery for crude oil dropped $0.15 to $105.60 per barrel on NYMEX after reaching $105.75 yesterday, the highest price since September 26, 2008.

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