Natural gas soars after US inventory report

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Scanpix/Reuters
Energy futures rallied on Wednesday after the EIA supply report indicated an unexpected drop in stockpiles last week.  However, concerns over demand from the US and eurozone coupled with a cease of fire in the Middle East weighted down on energy prices.

Crude oil surged after the EIA reported that US inventories sank 1.47 million barrels last week versus a forecast of a 940,000-million-barrel increase. However, eased tensions in the Middle East and global demand uncertainty capped gains.

Brent oil jumped on a surprise fall in the US oil inventories. At the same time, a cease of fire in the Middle East cooled a rally of Brent oil futures.

Natural gas climbed after the EIA stated that US natural gas stocks tumbled 18 billion cubic feet last week, indicating the earliest seasonal drop since 2007.

Heating oil moved higher after the US inventory data showed that distillate fuel supplies tanked 2.7 million barrels last week, falling well below the average range for this year period.


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