Natural gas prolongs rally on colder US weather

Source: Dukascopy Bank SA
Energy futures jumped on Tuesday amid soft US Dollar and BoJ policy decision. BoJ announced an open-ended asset purchasing program and lifted its inflation target to 2% to stimulate economy in 2014. Upbeat German economic sentiment reading also was supportive for the commodity group. Meanwhile, market players remained cautious ahead of the EIA report due on Thursday.

Crude oil climbed on upbeat German data and stimulus measures in Japan. However, weak US numbers and caution ahead of the weekly EIA report capped gains. The EIA report is expected to show a 2.8-milolion-barrel increase in the US crude oil stockpiles.

Brent oil jumped on hopes that US lawmakers will lift the country's debt ceiling. US officials will vote on Wednesday on temporary suspension of the current debt limit until mid-May.

Natural gas extended previous gains as colder-than-normal temperatures in the US boosted heating fuel demand potential.

Heating oil moved in sync with crude and Brent oil, advancing 0.53%. Colder weather in the US coupled with falling US supplies lifted heating oil prices.
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