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Oil Halts Rally, Natural Gas Extends Drop

July 22, 2014 at 23:32 by Vladimir Vyun

Crude oil fell today ahead of tomorrow’s report about US inventories. While it is expected that data will show a drop of stockpiles, traders were still closing their long positions, perhaps because they considered the previous rally to be excessive. The rally may yet resume as tensions in Middle East and Easter Europe continue to threaten supply, while positive US macroeconomic indicators suggest stable demand for fuel in the world’s biggest economy.

Natural gas extended its decline today due to weather forecasts. Forecasters promise cool weather, and this is negative for the commodity. People tend to reduce usage of air conditioners in absence of heat, and this, in turn, means lower demand for gas.

September futures for delivery of WTI crude oil fell 0.42 percent to $101.96 per barrel as of 23:26 GMT on NYMEX today. Brent crude lost 0.33 percent to $107.33 per barrel on ICE. December futures for natural gas were down 0.29 percent to $3.7600 per million British thermal units on NYMEX.

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