The demand for natural gas declines as the winter recedes. According to Energy Information Administration, the storage level of the same recorded above the average of five year.
As against the estimate of reduction of 128 to 132 billion cubic feet by the analysts, the EIA reported a reduction of only 116 billion cubic feet in the past week.
A trend of decline in the future contracts for april delivery could be noticed. Like, natural gas future delined by 3.8% settling at $4.58 per million British thermal units, gasoline future by 0.9%, crude by 0.8% and heating oil by 1%.
Exchange-traded fund U.S. Natural Gas Fund fell by 3.8% whereas U.S. Oil Fund crashed by 0.7%.
As reported by labour departmemt,469000 people filed for initial unemployment benefits in the last week of feb,2010 which was 29000 less than before and their claims reduced by 3500 making it to 469,000. Also, inspite of slashing hours by 1.3%, output in the nonfarm business increase in the second half by 2.5%.
Wall mart inc whose sales target is less than many other big retailers increased it’s dividend by 11% to prove itself strong.
Considering the commodities, dollar became expensive as it rose to 80.551 from 79.956 in North American trading.
With the dollar declining and economy showing positive data, oil futures settled high.
Edward Meir, a senior commodity analyst at MF Global, said that the weaker dollar facilitated energy market to probe the upside.Npower Home Energy offers electricity and gas, boiler installations & boiler repair.
The demand for dollar dominated commodities, like oil, increased as a result of weak dollar. Less demand and abundant supply has led to lower prices in the energy market.
Farming Weather:Farming online offers latest updates on weather in UK. Weather maps with detailed information about weather forecasts in your region.
British Gas Energy Smart tariffs help you reduce your energy bills with various discounts for gas and electricity packages. Get a free electricity meter and monitor you consumption online. Visit www.britishgas-online.co.uk.
Previous Post :Credos publishes it’s annual report to shareholders
No comments:
Post a Comment