Heating oil jumps on upbeat US data, weaker greenback

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Source: Dukascopy Bank SA
Energy futures were bullish on Thursday on positive US housing and employment data. US jobless claims dropped more than expected last week while housing starts soared by 12.1% in December, beating forecasts of a 4.6% increase.

Crude oil continued to gain inspiration from falling US inventories. The EIA reported on Wednesday that US stockpiles dropped by 0.9 million barrels compared to expectations of a 2.27-million-barrel increase. Positive US data as well as weaker greenback also lifted the commodity.

Brent oil climbed on upbeat US data. Moreover, speculation that China's data will beat forecasts sent Brent oil futures higher.

Natural gas spiked to a five-week high after the EIA reported larger-than-expected withdrawal. US natural gas inventories plunged by 148 billion cubic feet last week versus a forecast of a drop of 131 billion cubic feet.

Heating oil surged, moving in sync with crude and Brent oil. Heating oil found additional support on speculation that the temperatures will drop in the most US territory.


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