Energy commodities were mixed on Thursday, with crude and Brent oil rallying and heating oil and natural gas retreating. Market sentiment was boosted by FOMC statement, indicating new round of QE. Escalated tensions in the Middle East also supported the commodity group.
Crude oil surged on brighter demand prospects amid easing measures in the US. However, an unexpected inventory increase last week capped the upswing of the energy prices.
Brent oil followed crude oil's trend, gaining 0.48% on increased supply threat from the Middle East. On Thursday, protestors stormed the US embassy in Yemen.
Natural gas erased previous gains on high inventory levels in the US. The EIA reported that US stockpiles rose slightly less-than-expected last week but total storage stood above the five-year average for this time of the year.
Heating oil retreated despite long-awaited stimulus measures in the US and mounting tensions in the Middle East.