Natural gas plunged despite larger-than-expected withdrawal

Source: Dukascopy Bank SA
Energy futures sank amid a release of the closely watched EIA report and weak reading of the Philly Fed manufacturing index. Moreover, global growth concerns outweighed supply-side support from escalated tensions in the Middle East.

Crude oil dropped despite a smaller-than-expected increase in the US inventories. The EIA reported that stockpiles rose by 1.1 million barrels last week compared to forecasts of a rise of 2.5 million barrels.

Brent oil slumped on demand fears amid recession in the eurozone and looming fiscal cliff in the US. However, the commodity may seek support from escalated tensions in the Middle East that may exacerbate a decline in OPEC production.

Natural gas sank as investors cashed out from the market after a larger-than-expected withdrawal last week. Natural gas inventories dropped by 18 billion cubic feet last week versus an estimate of a 14-billion-cubic-feet decline.

Heating oil slid despite a fall in the US distillate fuel inventories and colder weather. Distillate fuel inventories dipped by 2.5 billion barrels last week, driving storage below the lower limit of the average range.


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