Natural gas extends losses on bearish EIA report

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Source: Dukascopy Bank SA
Energy futures ended Friday's session in the red territory despite speculation that the OPEC may cut crude oil shipments this month. The commodity group came under heavy selling pressure amid weak industrial numbers from the US and profit-taking ahead of the Presidents' Day holiday in the US.

Crude oil was the top-loser, diving on soft industrial production figures from the US and worries over recession in the Eurozone.

Brent oil edged lower on stronger greenback and profit-taking. Meanwhile, a fall in oil supply from non-OPEC countries is estimated at 875 barrels per day in February, almost 256 barrels per day less than in January, according to Barclays.

Natural gas slid further on bearish EIA report. The US stockpiles in the week ended February 8 dropped 157 billion cubic feet, while experts predicted a 162-billion-cubic-feet drop. However, the downswing was restricted by colder-than-normal weather forecasts in the most US territory in the second half of February.

Heating oil dropped despite expectations of colder weather in the US and low US inventories. US distillate fuel inventories decreased 3.7 million barrels last week, reported the EIA.
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