Crude oil bearish after EIA report, OPEC demand outlook raise

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Source: Dukascopy Bank SA
Energy futures were mixed on Wednesday after bullish EIA crude oil inventory report. Sending energy futures higher, the OPEC hiked its global demand outlook for 2013 by 100,000 barrels per day. However, strong US Dollar created notable pressure on the commodity group.

Crude oil retreated despite much smaller-than-expected increase in the US crude oil stockpiles last week. The EIA reported US crude oil inventories rose 0.6 million barrels last week, compared to a forecast of a 2.4-million-barrel jump.

Brent oil climbed, being supported by persistent geopolitical tensions in the Middle East and hopes for robust global demand. Israel announced earlier this week that Iran continues to develop uranium enrichment technologies.

Natural gas rallied on expectations of colder-than-normal temperatures in the most US territory in the end of February. Moreover, analysts predict natural gas storage in the US may have fallen 166 billion cubic feet last week versus a decline of 118 billion cubic feet in the preceding week.

Heating oil moved lower despite a 3.7-million-barrel decline in the US distillate fuel inventories last week.
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