Crude oil jumped after upbeat US labour market data

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Source: Dukascopy Bank SA
Energy futures advanced on Thursday as positive headlines from the US boosted optimism over energy demand prospects. Moreover, uncertainty over political situation in Venezuela sent the commodity group higher.

Crude oil gained on hopes economic recovery in the US will result in a jump in energy demand. However, the recent EIA report restricted upward move of the commodity. EIA reported US inventories surged 3.8 million barrels last week, compared to a forecast of a 0.9-million-barrel increase.

Brent oil was steady amid uncertainty in Venezuela. The commodity came under heavy pressure as the North Sea pipeline system resumed its operations after a five-day halt.

Natural gas surged after the EIA data revealed that US supplies dropped more than expected last week. Inventories plunged 146 billion cubic feet last week, while experts predicted a decline of 135 billion cubic feet.

Heating oil edged up on a bigger-than-expected fall in the US stockpiles last week. Stocks tumbled 3.8 million barrels versus expectations of a 1.3-million-barrel drop. Adding to gains, weather forecasts call for cold temperatures in the US.
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