Heating oil climbs as US stockpiles decline

Source: Dukascopy Bank SA
Energy futures rallied on Friday as a recent decline in prices spurred bargain- hunting. However, solid greenback and escalated worries over the health of the Eurozone's banking sector continued to push the commodity group lower.

Crude and Brent oil bounced off as market players were seeking cheap valuations after prices sagged to a seven-week low. At the same time, a surge in the US crude oil stockpiles last week restricted an upward trend. The EIA reported US inventories jumped 4.1 million barrels last week, compared to a forecast of a 1.9-million-barrel increase.

Natural gas soared after the updated weather forecasts called for abnormally cold temperatures in the US in the next several weeks. The commodity also continued to draw strength from a larger-than-expected withdrawal last week. US natural gas stocks slumped 127 billion cubic feet last week, while experts predicted a decline of 119 billion cubic feet.

Heating oil moved higher after the latest EIA report showed that US distillate fuel inventories dropped more than expected last week. US stockpiles dipped 2.3 million barrels, compared to expectations of a 1.4-million-barrel fall.
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