Wednesday, 17 June 2015

Latest Commodity News on Energy

Crude Oil
Oil prices rose on Tuesday with WTI and Brent gaining by 0.8 and 1.7 percent respectively as a tropical storm moved ashore in the oilproducing state of Texas, but global oversupply limited gains and pressured Brent futures.

On the MCX, oil prices rose by 0.8 percent to close at Rs.3849/bbl.

U.S. natural gas futures ended little changed on Tuesday after Tropical Storm Bill moved inland in Texas as forecasts for less demand offset forecasts for weaker production.

In fact, only about 4 percent of the nation's total gas comes from the offshore Gulf of Mexico, according to federal data, down from about 17 percent a decade ago when a storm in the Gulf would easily cause gas prices to spike.

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