Crude oil drops as US inventories rise more than forecast

Source: Dukascopy Bank SA
Energy futures apart from natural gas ended Wednesday's session in the negative area after bearish EIA inventory report. Adding pressure, South Sudan and Sudan agreed to allow companies to resume oil shipments through the Red Sea within two weeks.

Crude and Brent oil dropped after the EIA report showed that US stockpiles rose more than expected last week. US inventories jumped 2.6 million barrels, while experts predicted a 2.3-million-barrel increase. Pushing commodities deeper in red, OPEC announced on Tuesday that non-OPEC countries were likely to lift supplies to one million barrels per day this year.

Natural gas was the only gainer as weather forecasts call for cold temperatures in the eastern parts of the US before springtime weather settles in. The commodity also was boosted by expectations of a large withdrawal last week. Analysts expect the EIA report to show a 136-billion-cubic-feet decline in stocks last week.

Heating oil dived after the EIA report indicated that US storage unexpectedly rose last week. Inventories added 100,000 barrels last week compared to expectations of a 2-million-barrel fall.
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