Heating oil rose on colder temperatures in the US

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Source: Dukascopy Bank SA
© Scanpix/AFP
Energy futures moved higher as escalated tensions in the Middle East created a supply risk premium for the commodity complex. An International Atomic Energy Agency reported that Iran has installed centrifuges to enrich uranium. Meanwhile, a fire in one of the US oil platforms coupled with clashes between Israeli and Hamas lifted energy prices as well.

Crude oil surged on supply-side support. Moreover, a smaller-than-expected increase in the US crude oil storage last week added to gains.

Brent oil jumped on worries over potential supply disruptions from the Middle East. However, an unexpected decline in the US industrial production capped the upswing.

Natural gas soared on colder-than-normal weather forecasts across the major parts of the US.

Heating oil followed crude and Brent oil trend, climbing 0.45%. A start of the US heating season was also supportive for the commodity.


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