Natural gas retreats ahead of US weekly supply data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures were mixed on Wednesday amid rising concerns over global economic recovery after the Word Bank cut its world's growth estimate from 3% to 2.4%. Uncertainty over US debt ceiling dispute also weighed on the market sentiment. Meanwhile, investors awaited the data from the US jobs and housing market due on Thursday.

Crude oil rallied after the EIA report indicated an unexpected decline in the US crude oil inventories last week. US crude oil stockpiles dropped by one million barrels last week compared to a forecast of a 2-million-barrel increase.

Brent oil inched up, tracking crude oil's gains. However, the commodity remained under heavy pressure from global demand worries.
Natural gas halted its rally as investors locked in profits ahead of the EIA weekly inventory report due on Thursday. Meanwhile, market players continued to monitor weather forecasts to gauge heating demand potential.

Heating oil retreated after the data showed an increase in the US distillate fuel inventories last week. US stocks added 1.7 million barrels but remained near the lower limit of the average range for this period of the year.


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Thu, 17 Jan 2013 10:42:04 GMT

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