Natural gas rallied on dip buying on Tuesday

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Source: Dukascopy Bank
Energy commodities apart from natural gas were lower on Tuesday following the news on absence of any changes in the US monetary policy. However, US growth remains sluggish thus, from the demand side, the commodity group did not gain a fresh spree. Geopolitical tensions also eased after Western nations and Iran agreed to meet on April 13-14 to discuss Iran's nuclear programme. Meanwhile, investors are cautious ahead of the IEA report that is expected to show a fall in the US crude oil inventories. Natural gas was the only gainer, being buoyed by dip buying after it retested 10-yer low. Forecasts on cooler weather in the US also bolstered natural gas futures.


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