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Natural Gas Rises on Weather, Crude Oil Joins Rally

January 22, 2014 at 1:35 by Vladimir Vyun

Crude oil rose today as the International Energy Agency raised its forecast for global demand. It is expected that growth of economies across the world, particularly China, should increase usage of fuel. West Texas Intermediate crude also advanced on speculations that US distillate fuel inventories shrank last week. March futures for WTI crude oil delivery rose as $0.26 to $95.23 per barrel in electronic trading on NYMEX today. Contract for Brent crude gained $0.38 (0.36) to $106.73 per barrel on ICE.

Natural gas advanced as cold weather in the United States should increase demand for heating oil. Forecasters predict that arctic air will bring heavy snow and freezing temperatures to the USA. Such forecast is bullish for the commodity. February futures for delivery of natural gas were up $0.03 (0.70 percent) to $4.46 per million British thermal units on NYMEX.

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