Natural gas rallies ahead of EIA supply report

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures were mixed on Wednesday after the data showed U.S. crude oil inventories reached a 22-year high. Adding pressure, OPEC cut its estimate of global demand growth to 800,000 barrels per day from 840,000 barrels per day.

Crude oil inched up despite weak fundamentals. The EIA report showed inventories climbed 0.3 million barrels last week, less than forecast of a 1.6-million-barrel jump. At the same time, U.S. stockpiles reached the highest level since July 1990.

Brent oil slid after OPEC reduced its estimate of world's consumption growth. At the same time, the unrest in Nigeria coupled with lack of progress in Iranian nuclear programme talks were supportive for the commodity.

Natural gas re-approached a 10-month high on speculation the EIA report due on Thursday will show larger-than-expected withdrawal. Currently, the EIA report is projected to indicate a 12-billion-cubic-feet decline in inventories last week compared to a fall of 94 billion cubic feet in the preceding week.

Heating oil finished in the red territory as U.S. stockpiles fell less than expected last week. Distillate fuel storage fell 200,000 barrels, defying forecast of a 1.8-million-barrel drop.
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