Crude oil climbs ahead of EIA weekly report

Source: Dukascopy Bank SA
Energy futures were bullish on Tuesday on positive news from the US. US budget deficit is expected to fall to USD845 billion this year, according to the US Congressional Budget Office. However, market players remained cautious ahead of the EIA weekly report due on Wednesday.

Crude oil climbed on the US deficit hopes. Meanwhile, analysts expect the EIA report to show a 2.7-million-barrel increase in the US crude oil inventories last week.

Brent oil advanced, following crude oil's jump. The commodity continued to draw strength from escalated geopolitical tensions in the Middle East. However, rising output in Saudi Arabia and turmoil in the Eurozone weighed on Brent oil futures.

Natural gas jumped after updated weather forecasts called for below-normal temperatures in the US in the next 11-to-15 days. Pushing natural gas higher, US inventories probably dropped 135 billion cubic feet last week.

Heating oil traded higher ahead of the US inventory data scheduled on Wednesday. Heating oil found support on colder weather forecasts and weak US Dollar.
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