Natural gas at three-month low on warm weather forecasts

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Source: Dukascopy Bank SA
Energy commodities apart from natural gas moved higher on Friday as China's and the US manufacturing activity expanded more-than-expected in December. However, an increase in the US energy stocks last week coupled with concerns over looming fiscal battles in the country  restricted an upward trend.

Crude oil jumped as positive PMI figures improved global demand outlook. Moreover, softer greenback and continuation of easing in the US pushed the commodity higher.

Brent oil rallied on increased geopolitical tensions in the Middle East. A Palestinian refugee camp was bombed in Syria, while Libya decided to close southern borders amid threat of international military action.

Natural gas plunged to a three-month low as warmer-than-normal weather forecasts in the US continued to weight on the near-term demand prospects. Additionally, US stockpiles rose by two million cubic feet last week, confronting expectations of a four-billion-cubic-feet decline.

Heating oil moved in sync with crude and Brent oil despite strong downward pressure from abnormally warm weather on the most US territory.


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Mon, 17 Dec 2012 08:41:19 GMT

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