Crude oil climbs despite bearish EIA supply data

Source: Dukascopy Bank SA
Energy futures except for natural gas were bullish after a release of the EIA inventory report. The market sentiment was further boosted by better-than-expected flash PMI readings in the US, China and Europe.

Crude oil rose despite larger-than-expected increase in the US inventories. The EIA reported US stockpiles climbed by 2.8 million barrels last week versus an expected 1.9-million-barrel jump.

Brent oil followed crude oil's trend, adding 0.76% amid positive PMI data from the world's largest economies. Natural gas tumbled after the EIA supply data indicated the commodity stocks dropped in line with forecasts.

Natural gas stockpiles declined by 172 billion cubic feet last week compared with expectations of a 167-billion-cubic-feel fall.

Heating oil finished in the negative territory despite smaller-than-expected increase in the US distillate fuel inventories last week. The data showed distillate fuel inventories added 500,000 barrels last week versus a forecast of a 750,000-barrel increase.
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