Energy

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Source: Dukascopy Bank
© Dukascopy Bank
Energy prices moved higher despite strong US Dollar and ongoing China's growth concerns after pessimistic PMI data. Crude and Brent oil were strongly supported by unexpected fall in the US oil inventories last week. Meanwhile, traders continued to eye development across Iranian oil embargo. Currently, the geopolitical tensions eased as Saudi Arabia announced it is ready to increase its output to offset supply shortages after total ban on Iranian oil imports in the Euro Zone. Moreover, the US exempted Japan and 10 more countries from sanctions as these countries managed to reduce oil imports from Iran. At the same time, natural gas also moved up as investors await IEA report on natural gas storage that is expected to indicate increase in inventories.

Alternation between natural gas and the Dow Jones-UBS Precious Metals Index (DJUBSPR) dropped from minus 0.40 to minus 0.43 amid poor China's PMI data. At the same time, its connection to crude and Brent oil declined whereas tie to heating oil improved from minus 0.22 to minus 0.20. Meanwhile, correspondence between natural gas and the Standard Poor's SP500 remained steady at minus 0.11.


© Dukascopy Bank
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Thu, 22 Mar 2012 19:24:00 GMT

Agriculture

Rural commodities apart from coffee declined on Wednesday amid stronger US Dollar and deteriorating situation in China. Grains also came under pressure because of favorable weather conditions in the US that may provoke earlier harvest. Moreover, more pessimistic outlook on China's economy is likely to weight down on the China's grain imports. Meanwhile, sugar continued to be exposed to the

Thu, 22 Mar 2012 19:23:45 GMT

Industry Metals

Industry metals except for copper tumbled on Wednesday on the firmer Dollar and weak equities. China's PMI data that indicated contraction weighted down on the metals and is likely to stay the main correction factor for the base metals price. Weaker than expected US housing market data also added to the negative mood of the commodity pack. At the same

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