Crude oil tumbled after EIA storage report

Source: Dukascopy Bank
Energy commodities were exposed to the inventory buildup at the US warehouses and global demand worries as economic state of the Euro Zone remained uncertain.

Crude oil erased previous gains after the EIA reported about 3.9 million barrel increase in the US inventories.

Brent oil followed crude oil as faster than planned reversal of the Seaway pipeline in the US narrowed the spread between two commodities to record low of 12.99 US Dollars.

Heating oil tracked losses of crude and Brent oil despite slight fall in the US gasoline inventories.

Natural gas was flat ahead of the EIA storage report due in Thursday as the commodity found some support on dip buying after it hit fresh 10-year low in the previous sessions.


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