Natural gas advanced despite easing supply concerns

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Source: Dukascopy Bank SA
Energy markets were bullish on Tuesday as strike of oil workers in Norway created supply risk-premium for oil products.

Crude oil was almost unchanged for the day, balancing between potential supply disruptions as tensions between Syria and Turkey are growing and concerns over the Eurozone's economy.

Brent oil rallied as strike by oil workers in Norway is tightening supplies from North Sea. Meanwhile, North Sea's output dropped by 150,000 barrels per day.

Natural gas soared despite easing supply concerns as the National Hurricane Center reported that oil-extracting region in the Gulf of Mexico escaped tropical storm.

Heating oil followed Brent oil's suit, rising by 1.5%. However, the upside was limited as API announced that US distillate stocks fell by one million barrels last week, less than expected.


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