Natural gas drops further amid warm weather forecasts

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures apart from heating oil ended Wednesday's session in the red territory as investors shunned riskier assets ahead of the ECB press conference and US debt ceiling talks. Weak industrial production numbers from Germany and solid greenback also weighed.

Crude oil edged lower after the EIA reported that US crude oil inventories rose by 1.31 million barrels last week compared to expectations for a 0.9-million-barrel increase.

Brent oil retreated on larger-than-expected increase in the US crude oil stockpiles. Caution ahead of the ECB press conference also sent energy prices lower.

Natural gas prolonged its slump as updated weather forecasts predict above-normal temperatures in the most US territory in the next ten days. Meanwhile, market players awaited the EIA weekly supply report due on Thursday.

Heating oil was the only gainer as US inventories remained below the average limit despite a 6.8-milllion-barrel increase last week. US stockpiles stood 44% below a year-ago level and 44.2% below the five-year average.


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