Bargain hunting lifts natural gas

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Energy futures apart from natural gas were bearish on Tuesday on broadly stronger greenback and global demand uncertainty. On Tuesday, Moody's triggered global growth concerns after the credit rating agency lowered rating on five Spanish regions.

Crude oil slumped as Wall Street opened with large losses due to disappointing corporate results. Meanwhile, oil investors were waiting for a release of the US supply report due on Wednesday.

Brent oil fell less than crude oil as the commodity continued to draw strength from increased tensions in the Middle East.

Natural gas was the only gainer amid dip buying after recent sell-off. Market players remained focused at US weather forecasts and US inventories. The US inventory report is scheduled for Thursday.

Heating oil dropped, moving in sync with crude and Brent oil. Traders were cautious ahead of the US stockpiles data due on Wednesday.
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Wed, 24 Oct 2012 07:18:42 GMT

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