Natural gas retreated despite Northeast storm threat

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Source: Dukascopy Bank SA
Energy futures except for natural gas extended gains on Friday amid positive US data releases. US preliminary consumer confidence reading beat forecasts, reaching five-year high. Moreover, slightly better-than-expected Chinese industrial production data lifted the commodity group.

Crude oil rallied as positive US consumer confidence data fuelled hopes for stronger energy demand. However, broadly stronger US Dollar as well as persistent concerns over the eurozone slightly depressed crude oil price.

Brent oil rose 2% on speculation that the US will stick to its accommodative monetary policy. Moreover, hopes that Chinese leadership transition may result in more stimulus measures pushed Brent oil futures higher.

Natural gas was the only loser despite a threat that upcoming Northeast storm may affect gas pipelines. At the same time,  record high inventory levels in the US continued to pressurize the commodity price.

Heating oil moved higher on declining US storage and stronger demand from residential sector.
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