Heating oil rallies as US inventories drop more than expected

Source: Dukascopy Bank SA
Energy futures were bullish on Wednesday despite larger-than-expected increase in the US crude oil inventories last week. Moreover, weak consumer confidence in the Eurozone coupled with Italian political woes added pressure on the commodity sector.

Crude and Brent oil gained despite bearish EIA weekly supply report. Crude oil inventories in the US rose 3.3 million barrels last week compared to a forecast of a 1.5-million-barrel increase. Meanwhile, optimism over the US economy as well as soft greenback were supportive for the commodities.

Natural gas rallied ahead of the EIA stockpile report due on Thursday. Analysts expect the EIA report to show a decline in inventories of 85 billion cubic feet compared to a fall of 62 billion cubic feet in the preceding week. Furthermore, weather forecasts continued to point to cold weather in the beginning of April thus boosting heating demand potential of the commodity.

Heating oil moved higher after the EIA update indicated a much larger-than-expected drop in inventories. Distillate fuel stockpiles tumbled 4.5 million barrels last week while experts predicted only a 700,000-barrel decline.
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