Natural gas rallies as US supplies fall more than expected

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Source: Dukascopy Bank SA
Energy futures except for natural gas finished in the negative area on Thursday as weak US jobs market data raised concerns over energy demand prospects. Moreover, a recent bearish EIA report continued to push oil prices lower.

Crude and Brent oil tumbled as market players were cautious that Friday's jobs report may disappoint. Oil futures also were depressed by a recent inventory report released on Wednesday. The EIA data indicated US stockpiles rose more-than-expected last week. However, broadly weaker US Dollar and dovish Mario Draghi comments limited losses of crude and Brent oil futures.

Natural gas was the only gainer after the official inventory report showed a larger-than-expected withdrawal last week. Natural gas storage dropped 94 billion cubic feet last week compared to expectations of a 89-billion-cubic-feet decline. At the same time, forecasts calling for warmer weather in the US restricted an upward trend of the commodity.

Heating oil tracked weakness in the crude and Brent oil futures. Moreover, expectations of warmer weather in the most US territory in the next ten days put pressure on the commodity.
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