Energy

Note: This section contains information in English only.
Source: Dukascopy Bank
© Dukascopy Bank
Energy commodities were mixed on Monday amid depreciating US Dollar and lingering supply disruption concerns. Brent and crude oil continued to be exposed to the key macroeconomic data from the US and China. Fed announcement that the US economy still faces challenges on its way to recovery created downward pressure on the commodity group. At the same time, escalated geopolitical tensions between Iran and Western economies lent some support for Brent and crude oil. Natural gas futures bounced from previous lows on the increased dip buying. Moreover, investors started to cover their short positions in the commodity. From the supply side, the number of the natural gas drills in the US hit the 10-year low.

Correlation between natural gas and the Dow Jones-UBS Industry Metals Index (DJUBINTR) declined to minus 0.05, signaling on the low level of interdependency between natural gas and the base metals pack. Meanwhile, natural gas' connection to Brent and crude oil improved slightly but remained close to zero. Link between natural gas and heating oil declined to minus 0.22 while its tie to EUR/JPY eased up to 0.03.


© Dukascopy Bank
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