Crude oil rises on soft greenback; US debt concerns cap gains

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Source: Dukascopy Bank SA
Energy futures traded in the positive territory on Monday, being supported by weak US Dollar and speculation that the Fed will continue its easing measures. However, the upswing was restricted as traders remained cautious amid US debt ceiling uncertainty.

Crude oil climbed close to a four-month high on hopes that upcoming reports on retail sales and industrial production due on Tuesday will come better-than-expected. However, weak Eurozone's data as well as US debt ceiling concerns limited gains of the commodity.

Brent oil moved higher, tracking gains of crude oil futures. At the same time, the commodity remained under pressure from expectations that a start of Seaway line will reduce a supply glut in the US Midwest.

Natural gas rallied on colder weather forecasts in the most US territory next week. Natural gas also found support on falling US supplies as the EIA reported that US inventories slumped more than expected last week.

Heating oil soared on cold weather forecasts. Meanwhile, analysts expect the EIA report due on Wednesday to indicate a rise in distillate stockpiles last week.


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Tue, 15 Jan 2013 09:55:03 GMT

Wheat surges on US inventory concerns

Rural commodities were mixed on Monday, with grains moving higher and softs sliding. Broadly weaker US Dollar and recent USDA cuts of US grains inventory forecasts were supportive for the commodity group. Wheat jumped the most since November on worries that US wheat inventories will fall more than expected. USDA cut its wheat stocks forecast for May 31 by 5%.

Tue, 15 Jan 2013 09:12:05 GMT

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