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Supply Data Propels Crude Oil Higher, Natural Gas Lower

May 28, 2015 at 20:59 by Vladimir Vyun

Data about US crude oil inventories was released today, delayed by one day due to the holiday on Monday. The report showed a drop by 2.8 million to 479.4 million barrels last week, more than analysts had expected — 1.5 million. As a result, futures for both West Texas Intermediate and Brent crude demonstrated gains. Contract for delivery of WTI crude oil in July gained 0.71 percent to $57.92 per barrel as of 20:52 GMT on NYMEX today. Brent crude added as much as 1.27 percent to $62.85 per barrel on ICE.

Meanwhile, supply data was bearish for natural gas, leading to a big plunge of prices. The Energy Information Administration reported that US stockpiles swelled by 112 billion to 2,101 billion cubic feet. The median forecast promised an increase by 95 billion. July natural gas dropped 4.71 percent to $2.71 per million British thermal units on NYMEX today.

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