Crude oil dips on record US inventories, weak retail sales data

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Source: Dukascopy Bank SA
Energy futures except for natural gas traded in the red area on Friday on weaker-than-expected U.S. numbers and record high U.S. stockpiles. U.S. Retail sales unexpectedly dropped 0.4% last month, weighing on energy demand prospects. Recent cuts of oil demand outlook by the IEA and OPEC also continued to pressurize commodity group.

Crude and Brent oil fell as U.S. stockpiles surged to the highest level since July 1990 last week. Pushing the commodities down, the IEA lowered its global demand forecast for this year to 795,000 barrels per day. Moreover, recently the OPEC has reduced its global demand growth estimate by 40,000 barrels per day.

Natural gas was the only gainer, reaching the highest mark since July 2011 after MDA Weather predicted cold temperatures in the Northeast and Midwest parts of the U.S. Natural gas also was boosted by upbeat inventory data. U.S. natural gas storage declined 14 billion cubic feet last week compared to a forecast of a decline of 13 billion cubic feet.

Heating oil lost 0.94% as the latest EIA data indicated distillate fuel stocks declined 200,000 barrels last week, defying expectations of a 1.8-million-barrel fall.
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Mon, 15 Apr 2013 08:39:02 GMT

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