Natural gas sored after US supplies report

Source: Dukascopy Bank SA
Energy commodities rallied on Thursday after OPEC members agreed to leave current production ceiling at 30 million barrels per day for the second half of 2012. The decision implies output reduction by 1.6 million barrels per day.

Crude oil gained over 1% after the outcome of the OPEC meeting. At the same time, looming Greek elections continued to cap the upswing.

Brent oil caught momentum after OPEC meeting. However, negative labour market data from the US limited the upward trend of the commodity.

Natural gas rocketed by 14% over the day after the EIA reported that US supplies increased less than expected last week.

Heating oil followed crude and Brent oil trend, trading in a narrow range amid global fiscal instability.


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