Heating oil gained after positive US data

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Source: Dukascopy Bank SA
Energy commodities except for natural gas were bullish on Wednesday ahead of the EU summit. The commodity group was supported by supply disruption from North Sea and looming Iranian oil embargo. A full oil embargo will come in force on July 1.

Crude oil rallied as positive data from the US boosted hopes for stronger industrial demand. Moreover, looming sanctions on Iran's oil exports created supply risk-premium for the commodity.

Brent oil moved above 93 US Dollars per barrel amid supply concerns as strikes among oil workers in Norway tighten production.

Natural gas was the only loser after worries about storm in the Gulf of Mexico faded. However, hot weather in the US is likely to support natural as demand as fuel for air-conditioning.

Heating oil flowed crude and Brent oil suit, posting a 0.67% gain as expectations for stronger US demand bolstered the price.


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