Natural gas climbs on cold US weather

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Source: Dukascopy Bank SA
Energy futures rallied on Tuesday on optimism over the US economy. However, forecasts that US inventories rose last week weighed on the commodity group. Adding pressure, analysts expect Saudi Arabia to increase output in the next quarter.

Crude and Brent oil gained ahead of the EIA weekly supply report due on Wednesday. Experts expect the report to show an increase in stockpiles of 1.5 million barrels compared to a surprise decline in inventories last week. Positive numbers from the US as well as weaker US Dollar also supported the commodities.

Natural gas rose as weather forecasting models continued to call for colder-than-normal temperatures in the eastern part of the US. Reports of outrages at nuclear plants in the US also spurred a rally in natural gas prices as gas-fired plans were compensating energy shortages.

Heating oil edged higher after API data showed that US inventories dropped 1.9 million barrels last week compared to a forecast of a 850,000-barrel decline. Moreover, cold temperatures coupled with positive headlines from the US boosted heating oil futures.
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