The energy complex trades in negative territory after the stalled fiscal cliff negotiations induced a cautious atmosphere amongst investors. Nat Gas futures were weighed upon by news that fracking has been legalised in the UK and that it will not be banned in Germany, also affecting Nat Gas was a build in the EIA Storage change. Weighing on WTI and Brent crude futures was a build in yesterday’s DoE Inventories highlighting ample supply in the midst of concerns over dwindling demand. The move to the downside in WTI and Brent crude futures was tempered by positive macro data such as a drop in Initial Jobless Claims and mounting tensions in Syria where Russia’s Middle East envoy conceded that rebels are gaining ground and might win.
13 Dec 2012 - 20:32 - Energy Data - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: