Natural gas surged; Hurricane Sandy in focus

Source: Dukascopy Bank SA
© Scanpix/Reuters
Energy futures were mixed on Monday as refineries across the US East Coast halted production amid storm Hurricane Sandy. Broadly stronger US Dollar also weighted down on energy prices.

Crude oil moved lower due to temporary closures of the refineries across the US East Coast amid threat of Hurricane Sandy. Moreover, bloated US crude oil inventories continued to create pressure on the commodity futures.

Brent oil inched down as massive tropical storm prompted producers to shut refineries across the US East Coast. However, the downside was limited as tensions in the Middle East lent support for Brent oil futures.

Natural gas soared ahead of the contract expiration due at the end of Monday's session. Meanwhile, investors continued to monitor developments over Hurricane Sandy.

Heating oil added to previous gains as Hurricane Sandy disrupted production in the US East Coast.


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