Natural gas rallies after EIA inventory report

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures were mixed on Friday after the EIA weekly stockpiles report indicated larger-than-expected withdrawal last week. Energy prices also received a boost from hopes that dismal US job market data will result in continuation of the Fed's easing. However, mild weather forecasts as well as strong US Dollar continued to create heavy pressure on the commodity group.

Crude oil inched up after the EIA report showed that US stocks dropped by 11.1 million barrels last week versus a forecast of a 0.7-million-barrel decline.

Brent oil shed 0.74% despite firmness in crude oil prices. Brent oil slumped as concerns over the US debt ceiling talks outweighed hopes that the Fed will stick to its stimulus measures in the nearest term.

Natural gas was the top-performer after the EIA report indicated that natural gas stockpiles tumbled by 135 billion cubic feet last week compared with estimates of a 129-billion-cubic-feet drop.

Heating oil was bearish amid mild weather forecasts in the most US territory. Meanwhile, US distillate fuel inventories added 4.6 million barrels last week but stayed below the average range for this period of the year.


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