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Natural Gas Heads to Weekly Drop, Sugar Rallies

February 28, 2014 at 1:17 by Vladimir Vyun

Natural gas was heading to the biggest weekly drop since 1996 as decline of US stockpiles was smaller than predicted. The Energy Information Administration reported that inventories shrank by 95 billion cubic feet to 1.348 trillion last week. Analysts counted on a drop by 102 billion. So far, gas prices have declined 26 percent this week. April futures for natural gas declined $0.04 (0.86 percent) to $4.47 per million British thermal units as of 00:32 GMT on NYMEX today.

Sugar gained today. The reason for the rally was unfavorable weather in Brazil. There are concerns that falling supply will lead to the first global deficit in five years. As a result, prices surged and specialists say that the commodity has entered a bull market. Futures for delivery of sugar in May advanced as much as $0.0040 (2.26 percent) to $0.1807 per pound on ICE today.

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