Natural gas tanks ahead of EIA inventory data

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Energy futures, excluding heating oil, moved lower on Thursday as demand for riskier assets weakened amid escalated concerns over US fiscal deadlock. Dismal CB consumer confidence figure and weak data from the US housing market added pressure on the commodity group. However, the downswing was limited due to encouraging profits of Chinese industrial firms in November.

Crude oil fell ahead of weekly EIA report on US stockpiles. Experts say that US crude oil inventories may have fallen by 1.6 million barrels last week.

Brent oil retreated amid weak risk sentiment and strong US currency. Mixed US data also pushed the commodity lower.

Natural gas dipped ahead of the US inventory report due on Friday. Analysts expect the EIA data to show a 73-billion-cubic-feet decline in the US inventories. Weather forecasts showing normal weather in the most US territory in the next two weeks also weighed on natural gas futures.

Heating oil was the only gainer ahead of the US inventory report due on Friday. Warmer weather forecasts in the US coupled with strong US Dollar capped gains of the commodity.


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