Nymex crude oil prices gained more than 4 percent in yesterday’s trade as European leaders agreed on measures to support the sovereign debt crisis that has threatened a slowdown in the global economy.
Another factor that supported gains in the commodity was data that indicated that the US economy grew at the fastest pace in the third-quarter. The US Commerce Department said that the US economy grew at an annual rate of 2.5 percent last quarter.
Although weekly inventories in the case of crude oil witnessed an increase, oil prices traded in the green as an improving macroeconomic scenario will ease concerns over demand. Also, better economic data from the US, the world’s largest energy consumer is a positive factor for crude oil.
Natural Gas:
Nymex natural gas declined around by 1.7 percent yesterday taking cues from rise in US natural gas inventories. Prices touched an intra-day low of $3.2/mmbtu and closed at $3.524/mmbtu in yesterday’s trading session. On the MCX, prices declined around by 1.5 percent and closed at Rs.188.1/mmbtu on Thursday.
EIA Inventories Data:
US Energy Information Administration (EIA) released its weekly inventories and natural gas inventory has increased more than expected by 92 billion cubic feet (bcf) for the week ending 21st October.
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Crude Oil Surges on Positive Global Policies
Published 10/28/2011, 09:28 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Surges on Positive Global Policies
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