Energy commodities apart from natural gas moved higher on Wednesday as market participants hoped for easing from the Eurozone. However, gains of the commodity pack were partly capped by weak PMI data and lack of monetary stimulus from the Fed.
Crude oil went up after the EIA reported that US crude oil inventories declined much more than expected last week.
Brent oil was bullish as traders turned to Europe for policy easing after Fed disappointed the market announcing no changes in the current monetary policy.
Natural gas extended previous decline, dropping by 1.18%. Sending the commodity lower, the EIA reported that natural gas production hit four-month high in May.
Heating oil rose after US supplies data indicated further decrease in inventories. Currently, US distillate fuel inventories are below the lower limit of the average range for this year period.