Natural gas extended gains after EIA supply report

Source: Dukascopy Bank SA
Energy futures rose on Friday after upbeat US industrial production data added to hopes that the country's recovery is gaining momentum. Broadly weaker US Dollar also pushed the commodity complex higher. However, signs of rising global output as well as a recent jump in the US crude oil inventories capped gains.

Crude oil jumped on hopes economic recovery in the US will result in stronger energy demand. At the same time, the upswing was limited as US crude oil stockpiles rose more-than-expected last week.

Brent oil moved higher, following crude oil's trend. However, ideas that non-OPEC countries may raise output as well as looming talks over Iranian oil sanctions restricted an upward move of the commodity futures.

Natural gas rallied after the EIA report indicated that natural gas storage dropped more-than-expected last week. Natural gas stocks dipped 145 billion cubic feet last week compared to a forecast of a 136-billion-cubic-feet decline.

Heating oil inched up despite an unexpected increase in the US distillate fuel inventories last week. US stockpiles jumped 100,000 barrels last week, while experts predicted a 2-million-barrel fall.
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