Brent oil tumbled after bearish EIA report

Source: Dukascopy Bank SA
Energy futures declined on Wednesday after the EIA report showed US inventories rose more-than-estimated last week. Negative headlines from the US coupled with disappointing PMI data from China also weighed on energy prices.

Crude and Brent oil led losses as US oil inventories jumped to a 22-year high last week. The EIA reported crude oil stockpiles soared 2.7 million barrels last week compared to a forecast of a 1.8-million-barrel increase. Depressing oil prices further, Barclays, one of the most bullish oil-price forecaster, cut its price projections amid easing supply concerns.

Natural gas fell as weather forecasts call for warmer temperatures in the most US territory over the next 10 days. Meanwhile, investors remained cautious ahead of the EIA supply report due on Thursday. Experts predict the data to show a 89-billion-cubic-feet decline compared to a fall of 95 billion cubic feet a week earlier.

Heating oil moved lower despite a larger-than-expected drop in US supplies. Distillate fuel inventories slid 2.3 million barrels last week, while analysts predicted a 1.25-million-barrel decline.
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