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Supply Data Weighs on Crude Oil & Natural Gas

February 16, 2017 at 19:06 by Vladimir Vyun

Futures for crude oil gained today but were under pressure from swelling US inventories. According to Reuters, OPEC sources reported that the organization may extend its output-reduction deal with non-members and even implement deeper production cuts. Yet the bullish news was countered by yesterday’s report from the Energy Information Administration that showed a huge increase of US inventories by 9.5 million barrels last week, which far exceeded traders’ expectations. Futures for delivery of WTI crude oil in March gained 0.41% to $53.33 per barrel as of 18:43 GMT on NYMEX today. April contract for Brent crude traded 0.09% lower at $55.70 per barrels on ICE after rising a little earlier.

Prices for natural gas declined during the current trading session as US stockpiles declined less than was expected by specialists. The inventories fell by 114 billion cubic feet versus the consensus forecast of 130 billion. Future for delivery of natural gas in March slumped as much as 2.19% to $2.86 per million British thermal units on NYMEX today.

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