Natural gas declined on mild weather forecasts, US stockpiles

Source: Dukascopy Bank SA
Energy futures except for natural gas were bullish on Friday as upbeat manufacturing data boosted expectations for stronger energy demand from the US and China. Meanwhile, the Fed's stimulus measures coupled with soft US Dollar continued to support the commodity complex.

Crude oil moved higher after falling in the previous session on elevated US inventories. The latest EIA report showed US crude oil stockpiles jumped 5.9 million barrels last week compared to a forecast of a 2.9-millio-barrel increase.

Brent oil advanced after positive PMI readings in the US and China. Moreover, persistent tensions between Libya and Algeria sent the commodity higher.

Natural gas was the only loser as market participants remained focused on mild weather forecasts in the US in next two weeks. Adding pressure, US natural gas stocks declined less-than-expected last week. US inventories dropped 194 billion cubic feet last week while analysts predicted a 202-billion-cubic-feet decrease.

Heating oil rallied on declining US supplies. The data showed US distillate fuel stockpiles slumped 2.3 million barrels last week and remained more than 40% below the average limit for this period of the year.
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