Natural gas flat amid cold weather forecasts

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Source: Dukascopy Bank SA
Energy futures traded mostly higher on Tuesday amid better-than-expected numbers from the US non-manufacturing sector and positive outlook on China's economy for 2013. Meanwhile, market players focused on the EIA supply report due on Wednesday.

Crude and Brent oil jumped as positive news from the US and China improved perspectives for energy demand. Moreover, expectations of a bullish EIA report were supportive for the commodities. Analysts expect US crude oil inventories may have climbed 0.9 million barrels last week, compared to a 1.1-million-barrel increase in the preceding week.

Natural gas was steady amid colder-than-normal weather forecasts for heavily populated central and eastern parts of the US for this and the next week. Meanwhile, natural gas storage may have fallen 135 billion cubic feet last week, compared to a decline of 171 billion cubic feet in the preceding week.

Heating oil was the top-gainer, tracking strength in crude and Brent oil prices. However, cautiousness ahead of the EIA report on US distillate fuel inventories due on Wednesday restricted an upward trend.
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