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Oil Bounces, Natural Gas in Decline due to Warm Weather

March 21, 2016 at 16:05 by Vladimir Vyun

Futures for crude oil rebounded after the earlier drop today. Earlier, prices fell as the US rig count stabilized, halting its long decline. Market participants wait for the April meeting of major oil producing countries in Doha, Qatar, to discuss production freeze. Futures for delivery of WTI crude oil in April gained 0.48% to $39.63 per barrel as of 15:56 GMT on NYMEX. May contract for delivery of Brent crude edged up 0.22% to $41.29 per barrel on ICE.

Meanwhile, natural gas declined due to warm weather. It is usual for gas prices to go down in spring when weather is warm, resulting in no need for heating, Bounce House Obstacle Course but not hot enough to warrant air conditioning which increases consumption of gas used in electricity generation. Futures for delivery of the commodity slid as much as 3.15% to $1.85 per million British thermal units on NYMEX today.

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