Heating oil inched down after US jobless claims data

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Source: Dukascopy Bank SA
© Scanpix/AFP
Energy futures apart from natural gas retreated on Thursday on stronger greenback and dismal headlines from the US job market. US jobless claims climbed to three-month high last week, signaling that recovery of the US labour market is fragile. However, positive manufacturing numbers from the US were supportive for the commodity group.

Crude oil was steady amid worrying signs from the US job market and encouraging manufacturing data from the US.

Brent oil was the top-loser despite persistent supply concerns in the Middle East. Broadly stronger greenback coupled with disappointing US jobs report weighted down on the commodity futures.

Natural gas rallied despite a rise in the US stockpiles. The EIA reported that US natural gas storage climbed by 51 cubic feet last week, confronting expectations of an increase of 48 billion cubic feet.

Heating oil was almost flat amid falling US inventories and weak numbers from the US labour market.


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