Natural gas extended rally on massive production cuts

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Source: Dukascopy Bank
Energy commodities were solid on Tuesday amid positive economic data form Germany. Energy markets are likely to be volatile in the next sessions ahead of FOMC.

Crude oil was the only loser on Tuesday after the American Petroleum Institute reported 6.6 million barrel increase in US crude oil stockpiles.

Brent oil was marginally higher despite increased production from Saudi Arabia, Libya and Iraq in view of sanctions imposed on Iranian oil supplies. Meanwhile, Brent oil may face downside as talks on Iran's nuclear programme due next week are expected to bring positive outcome.

Natural gas closed on positive note as massive production cuts and expected increase in demand continued to lend support for the commodity.

Heating oil managed to rise by 0.12% despite weakness of the Euro Zone's economy.
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Wed, 16 May 2012 16:08:27 GMT

Corn rallied as dry weather in the US may harm crops

Rural commodities rallied on Tuesday despite broadly stronger US Dollar. Deteriorating weather conditions in the US provided fresh stimulus for the commodity pack.Wheat continued to appreciate as dry weather in Kansas may harm crops. However, US spring crops are harvested ahead schedule thus limiting the upward move of the commodity.Corn was the top-performer despite expected record crops in the US

Wed, 16 May 2012 15:46:40 GMT

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