Heating oil dips as US inventories unexpectedly rise

Source: Dukascopy Bank SA
Energy futures apart from natural gas moved lower on Thursday on signs of rising US production. At the same time, bullish EIA inventory reports as well as positive US data limited the downward trend of the commodity complex.

Crude oil ended Thursday's session on the negative note on reports that the US crude oil output soared to more than a 10-year high of seven million barrels per day last month due to increased production at shale formations.

Brent oil extended its losses on talks that sanctions on Iranian oil exports may be eased. Pushing the commodity lower, output in OPEC increased in February for the first time in six months.

Natural gas rallied after the EIA report showed natural gas inventories fell more-than-expected last week. Stocks dropped 171 billion cubic feet, compared to a forecast of a 165-billion-cubic-feet decline.

Heating oil prolonged its slump on signs of rising US inventories. On Wednesday, the EIA reported US distillate fuel storage unexpectedly climbed 600,000 barrels last week, while experts predicted a 1.7-million-barrel decline.
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