Production cuts lend support to natural gas

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Source: Dukascopy Bank
Energy markets, except for Brent oil, advanced on Wednesday on the softer US Dollar after Fed's decision on the further monetary policy in the US. Crude oil inched up 0.28% even despite pressure from increasing oil stockpiles in the US. Natural gas was the top performer soaring 6.85% over the day as the commodity continued to get strong support from planned energy production cuts and colder weather in the US. Moreover, prior estimation suggests that natural gas stockpiles in the US have declined by 5.3%. However, natural gas remains more than 45% lower than a year ago and recent upward trend is expected to be capped as warm weather is likely to return to the US next week.

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