Natural gas slid despite signs of robust demand

Source: Dukascopy Bank SA
Energy futures were bearish on Thursday after a release of the EIA weekly supply report. Weak data from the Eurozone and US also dragged the commodity group lower. However, losses were capped by easing worries that the Fed will end its bond purchases as dismal US data signaled the economic recovery is fragile. Crude oil plunged after the EIA report showed US crude oil inventories rose much more than expected last week.

Crude oil stocks advanced by 4.1 million barrels last week, compared to forecasts of a 1.9-million-barrel increase.

Brent oil declined amid disappointing US data and signs of surging US inventories. Meanwhile, the downward trend was restricted by persistent geopolitical tensions in the Middle East.

Natural gas sagged 1.01% despite larger-than-expected drop in the US natural gas storage. US natural gas inventories tumbled 127 billion cubic feet last week, while experts predicted a 119-billion-cubic-feet drop.

Heating oil retreated despite a drop in US distillate fuel inventories. Distillate fuel stocks dropped 2.3 million barrels, compared to a forecast of a 1.4-million-barrel fall.
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