Natural gas retreated as US stockpiles fell less than expected

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Source: Dukascopy Bank SA
Energy futures except for heating oil declined on Thursday as instability in Cyprus is weighing on energy demand prospects. Adding to losses, Eurozone's flash PMI data came weaker-than-expected. However, soft US Dollar and an unexpected decline in the US crude oil inventories last week restricted the downswing.

Crude and Brent oil retreated amid uncertainty over Cyprus bailout, weak PMI releases from the Eurozone and rising oil output in the US. However, an unexpected fall in the US crude oil stocks last week continued to lend support. US stockpiles dropped 1.3 million barrels last week compared to a forecast of a 1.8-million-barrel increase.

Natural gas slid from a 18-month high after the EIA data showed US inventories fell less-than-expected last week. US storage slumped 62 billion cubic feet last week, while experts predicted a decline of 70 billion cubic feet.

Heating oil was the only gainer as weather forecasting models continued to call for colder-than-normal temperatures in the US in the begging of spring. Meanwhile, US stocks fell less-than-expected last week. Inventories declined 700,000 barrels compared to expectations of a 1.5-million-barrel drop.
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