Energy commodities rose on the inspiring PMI releases

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Source: Dukascopy Bank
Energy commodities, excluding heating oil, faced firm gains on Wednesday despite broadly higher US Dollar and weaker equities. Strong manufacturing data releases managed to offset the impact of Fed Chairman's speech. At the same time, EIA report provoked fluctuations as it indicated a 4000 million barrels increase in the US crude oil inventories last week while it also said that the release of strategic is reserves is out of the question. Meanwhile, geopolitical tensions are not expected to provide fresh stimulus to the oil prices in the nearest term. Natural gas bounced after previous losses on the expected fall in the natural gas stockpiles in the US. However, the momentum is limited by the mild weather forecasts in the country.


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Thu, 01 Mar 2012 15:04:15 GMT

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