Natural gas slid ahead of EIA weekly report

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures apart from crude oil retreated on Wednesday despite bullish EIA report and positive US data. However, talks that Iran may agree to cease its uranium production by 20% in exchange of easing sanctions on oil exports sent the commodity group lower.

Crude oil was the only gainer after the EIA report showed a smaller-than-expected increase in the US crude oil storage. Inventories added 1.1 million barrels last week, compared to expectations of a 2.4-million-barrel jump.

Brent oil declined as sanctions on Iranian oil exports may be eased. Political discussions are planned to be resumed in Almaty on April 5 to April 6. At the same time, better-than-expected US numbers limited the downswing.

Natural gas dropped ahead of the EIA supply report due on Thursday. Analysts predict US supplies might have fallen 165 billion cubic feet last week, compared to a drop of 127 billion cubic feet in the preceding week.

Heating oil was bearish after the EIA data indicated a 600,000-barrel jump in the US stockpiles last week. Exerts expected a decline of 1.7 million barrels.
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