Natural gas extended gains amid production cuts

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Source: Dukascopy Bank
Energy markets were mixed after EIA report on the US stockpiles and negative services PMI releases.

Crude oil was the top loser after Genscape reported on the record high increase in crude oil inventories at Cushing, the delivery point for the US oil futures.

Brent oil extended previous losses as five members of the UN Security Council expect talks with Iran to lead to the concrete results. Moreover, high energy prices forces OPEC to increase pumping above the targeted level.

Natural gas rallied, advancing by about 4%. Slightly lower than expected increase in the US natural gas inventories and sharp fall in the number of the active drills continued to lift the price.

Heating oil edged lower amid Euro Zone's debt woes and worse than expected performance of the services sectors globally.
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