Crude oil eased down, natural gas soared after IEA report

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Source: Dukascopy Bank
Energy commodities faced mixed performance on Thursday, with easing up natural gas and Brent oil and falling heating oil and crude oil. Crude oil price fell to almost six-week low amid weak demand and growing US stockpiles. The IEA reported the largest single week fall in crude oil consumption in 14 years. At the same time, Brent oil drew some support from the expected supply disruptions from Iran. In effect, the spread between Brent oil and crude oil widened to three-month high. Natural gas soared by 7.22% after the IEA report indicated larger than expected fall in natural gas inventories. However, mild weather forecasts in the US continued to weight down on natural gas and heating oil prices.


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Fri, 03 Feb 2012 18:10:01 GMT

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