Natural gas took a deep dive after EIA report

Source: Dukascopy Bank SA
Energy futures were mixed on Thursday amid firm US Dollar and weak numbers from the US job market. Comments by Mario Draghi that the ECB will stick to its accommodative monetary policy provided mild support for the commodity group.

Crude oil moved lower on solid greenback and disappointing US numbers. However, slightly smaller-than-expected gain in the US crude oil inventories limited losses. US stockpiles climbed 2.62 million barrels last week, compared to a forecast of a 2.77-million-barrel increase.

Brent oil inched up on hopes for positive China's data and persistent supply insecurity in the Middle East. At the same time, strong US Dollar put heavy pressure on the commodity.

Natural gas was the top-loser after the EIA report indicated US natural gas stocks dropped less-than-expected. Natural gas inventories dropped 118 billion cubic feet last week, missing forecasts of a 132-billion-cubic-feet decline.

Heating oil was bullish on cold weather forecasts and low US inventories. The latest EIA report showed US stockpiles declined by one million barrels last week, while experts predicted a 750,000-million-barrel fall.
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