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The United States’ natural gas supplies were up again last week according to the Energy Department's Energy Information Administration.
It said gas in storage was on the up last week and now rests 16 percent of average summer levels.
As gas prices rose 5 cents to 5.98 usd in early trading, the Administration revealed that gas reserves grew from 2.692 to 2.763 trillion cubic feet last week. The average over the last five years is 2.379 trillion cubic feet.
The price rise mirrored similar movement in oil prices.
In London, the price of a barrel of crude rose to $76.65 after falling back to just above 75 usd yesterday. It even reached 77.16 usd at one stage on Thursday. In New York, prices were up 93 cents to $76.81 having earlier risen to an 11-month high of 77.24 usd.
In foreign exchange, the dollar staged a mini recovery as it gained ground on the Canadian dollar and the British pound.
However, the euro was stronger again Thursday against the dollar having lost ground on Wednesday.
The yen gained against both the dollar and the euro.
08:05
Posted on Jul-27-2007
