Energy

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Source: Dukascopy Bank
© Dukascopy Bank
Energy market faced mixed performance on Friday with falling Brent and crude oil and growing natural gas and heating oil. Crude oil retreated from 110 US Dollars per barrel on the weaker equities and stronger US Dollar. Moreover, Saudi Arabia denied rumors on the key pipeline explosion that was the main factor sending oil prices to ten-month high. Further, Barack Obama said on Friday that the military conflict with Iran is less possible as it would generate sympathy for the country. More stable situation in the region created a downward pressure on the oil futures.  Natural gas posted slight gains despite elevated inventories and mild weather forests in the US. Bottom-fishing buying of the natural gas was supportive for its price.

Connection between crude oil and gold jumped from 0.11 to 0.22 on Friday amid strengthening US Dollar. Crude oil's tie with the natural gas remained in the negative territory approaching two-month low of minus 0.25. At the same time, interdependence between crude and Brent oil improved to 0.70 while its correlation with heating oil fell to 0.27. Meanwhile, crude oil's alternation with the Dow Jones Industry Average (INDU) dropped from 0.40 to 0.34.


© Dukascopy Bank
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Actual Topics

Mon, 05 Mar 2012 16:21:05 GMT

Agriculture

Rural commodities apart from coffee were higher on Friday despite stronger US Dollar and weaker equities. Grain commodities drew strength from rallying soybean futures that hit five-month high on the lingering concerns over South America's crop conditions. Moreover, wheat and corn were supported by the sustainable demand from China for US grains. Further, expected fall in the Russia's wheat exports

Mon, 05 Mar 2012 15:58:20 GMT

Industry metals

Base metals, excluding zinc, were depressed on Friday by weak China's demand and strong US Dollar. Fluctuating energy prices also added to the volatility of the industry metals pack. Aluminum was the top-loser during the day despite strong demand from South Korea and Japan. Copper continued to balance between record high inventories at the Shanghai Futures Exchange and more than

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