Brent oil tumbled after bearish EIA report

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures declined on Wednesday after the EIA report showed US inventories rose more-than-estimated last week. Negative headlines from the US coupled with disappointing PMI data from China also weighed on energy prices.

Crude and Brent oil led losses as US oil inventories jumped to a 22-year high last week. The EIA reported crude oil stockpiles soared 2.7 million barrels last week compared to a forecast of a 1.8-million-barrel increase. Depressing oil prices further, Barclays, one of the most bullish oil-price forecaster, cut its price projections amid easing supply concerns.

Natural gas fell as weather forecasts call for warmer temperatures in the most US territory over the next 10 days. Meanwhile, investors remained cautious ahead of the EIA supply report due on Thursday. Experts predict the data to show a 89-billion-cubic-feet decline compared to a fall of 95 billion cubic feet a week earlier.

Heating oil moved lower despite a larger-than-expected drop in US supplies. Distillate fuel inventories slid 2.3 million barrels last week, while analysts predicted a 1.25-million-barrel decline.
Back to articles

Actual Topics

Thu, 04 Apr 2013 09:05:11 GMT

Corn climbs as unfavorable weather slows early planting

Rural commodities except for sugar advanced on Wednesday as cold weather in the US may impact winter crops and slow early planting. Meanwhile, worries over spreading coffee leaf rust in Central America supported coffee futures. Wheat rallied as freezing conditions in the top growing areas of the US may damage winter crop and delay spring planting. Supporting prices, Informa Economics estimated

Thu, 04 Apr 2013 08:00:06 GMT

Copper drops; strong spot demand limits losses

Industrial metals apart from zinc were bearish on Wednesday on dismal US numbers. Recent manufacturing PMI releases that came worse-than-expected coupled with elevated LME inventories also continued to put pressure on base metals. Aluminum extended previous losses amid increasing global production and rising stocks at exchange warehouses. Inventories at LME remained near a record high of 5.14 million tonnes on

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Chcete-li se dozvědět více o platformě Dukascopy Bank CFD / Forex, SWFX a dalších souvisejících obchodních informacích, prosím, zavolejte nám, nebo vám můžeme zavolat my.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.