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Week Starts with Losses for Crude Oil & Natural Gas

June 29, 2015 at 23:22 by Vladimir Vyun

Crude oil traded lower today as the Greek debt story made investors reluctant to buy riskier assets. Such trading environment is positive for some commodities, like gold, but detrimental to the energy market. Additionally, there is a prospect for increasing supply in case the Western countries lift sanction from Iran. August futures for delivery of WTI crude oil slipped 0.22 percent to $58.20 per barrel as of 23:16 GMT on NYMEX today. Contract for Brent crude sank as much as 1.98 percent to $62.01 per barrel on ICE.

Price for natural gas declined as well. The commodity strongly depends on weather forecasts, and forecasters predict normal temperatures in the most parts of the United States over the next two weeks. This means limited demand for the gas used in heating and air-conditioning. Natural gas lost 0.29 percent of its value to trade at $2.8 per million British thermal units on NYMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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