Energy

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Source: Dukascopy Bank
© Dukascopy Bank
Energy markets faced mixed performance on Tuesday with Dow-Jones Energy Index falling by 1.06% over the day. Natural gas and heating oil were among the top losers as natural gas continued to face strong downward pressure from mild weather forecasts and constantly growing US inventories. At the same time, crude oil overcame psychologically significant level of $100 per barrel, ending the day at $100.71 per barrel. Upswing for crude oil was based on the strong data form China, the US and Germany and the steps towards Iranian oil ban in Europe. However, crude oil may lose its momentum as Saudi Arabia seems to agree to increase oil exports to offset Iranian shortfall even despite Iranian threats.

Correlation between crude oil, Brent oil and heating oil edged down as Brent oil and heating oil faced additional pressure from worries over the European debt crisis. Crude oil's link with natural gas dropped essentially as US inventories blocked any stimulus for natural gas price increase. Interdependence between crude oil and Standard and Poor's SP500 (SPX) eased down after positive headlines from China and the EU. Meanwhile, crude oil's tie with the pair EUR/USD moved up to 0.2 as crude oil and the Euro positively responded to improved ZEW sentiment in Germany.


© Dukascopy Bank
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Wed, 18 Jan 2012 18:08:46 GMT

Agriculture

Agricultural commodities, except for coffee, edged up on Tuesday. Unfavorable weather forecasts in South America lifted price for corn and wheat while sugar futures managed to climb 0.16%. However,  reports on large sugar crops in the EU and Russia coupled with further prospects for increase in Indian exports essentially limited the gains. Sugar may continue to be supported by weaker

Wed, 18 Jan 2012 18:08:32 GMT

Industrial Metals

Industrial metals soared on Tuesday following stronger than expected economic data from China. Aluminium and zinc were the top performers gaining 3.01% and 2.04%, respectively. At the same time, rallying copper appears to drive the upward trend of the commodity group. However, growing LME warehouses coupled with weak physical demand are likely to cap the upside of zinc. International Lead

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