Heating oil advanced after US inventory data

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Source: Dukascopy Bank SA

Energy commodities apart from natural gas moved higher on Wednesday despite disappointing US data. Meanwhile, dismal Eurozone's GDP data created notable pressure on the commodity group.

Crude oil climbed after US inventory data. US crude oil stockpiles dropped by 3.7 million barrels last week compared to a forecast of a 1.73 million barrel decline.

Brent oil advanced amid lower US inventories and persistent supply worries as geopolitical tensions in the Middle East are intensifying.

Natural gas sank on mild weather forecasts in the US East Coast in the next two weeks. Meanwhile, traders awaited US natural gas inventory data due on Thursday.

Heating oil rose as US distillate fuel inventories remained below the lower limit of the average range for this year period.

 

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