Energy commodities except for natural gas moved lower on Wednesday after US inventory data. Removing supply risk premium, the US National Hurricane Center downgraded Isaac to a tropical storm. Broadly stronger US Dollar also pressurized the commodity group.
Crude oil was the worst-performer after the EIA reported that US crude oil stockpiles climbed by 3.8 million barrels last week compared to forecast of a 1.48-million barrels decline.
Brent oil sank amid easing supply worries. Isaac approached US Gulf Coast but businesses and the government have not reported any damages to oil refineries yet.
Natural gas was the only gainer, advancing by 1.98% ahead of the US inventory data due on Thursday. The US natural gas inventories may have increased by 65 billion cubic feet last week.
Heating oil declined as US distillate fuel inventories rose by 873,000 barrels while experts predicted a 100,000-barrel decline.