Nymex crude oil prices declined by 1.3 percent yesterday which is at a six-week low, on the back of rise in US crude oil inventories which indicated demand concerns from the country. Additionally, a stronger dollar also acted as negative factor for the commodity.
Oil prices touched an intra-day low of $95.44/bbl and closed at $96.4/bbl. On the MCX, prices declined by 2.8 percent on account of Rupee appreciation and closed at Rs.4724/bbl after touching an intra-day low of Rs.4710/bbl on Thursday.
Natural Gas
Nymex natural gas prices increased by sharply more than 8.5 percent on Thursday, taking cues from decline in US natural gas inventories.
Additionally, US second largest natural gas producer Chesapeake Energy has cut 500 million cubic feet per day also acted as a supportive factor for the commodity. Prices closed at $2.583/mmBtu which was an intra-day high level yesterday.
EIA Inventories
US Energy Information Administration (EIA) released its weekly inventories for natural gas yesterday which indicated that inventories declined more than expected by 132 billion cubic feet (bcf) and stood at 2.97 trillion cubic feet for the week ending on 27th January 2012.
Courtesy: Angel Commodities
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