Crude oil surged on brighter demand outlook and falling stocks

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Source: Dukascopy Bank SA
© Scanpix/AFP
Energy futures apart from natural gas moved higher on Thursday, following positive cues from the US economy. An upward revision of Q3 GDP growth as well as hopes for resolution of a standoff in US budget talks improved energy demand outlook. Moreover, weaker greenback coupled with an unexpected decline in the US crude oil stocks last week added to gains of the commodity group.

Crude oil advanced the most in the group amid a combination of brighter demand prospects in the US and a recent fall in crude oil inventories.

Brent oil moved higher on strong demand-side support. Encouraging US figures and hopes for additional monetary stimulus by the Fed lifted demand prospects.

Natural gas was the only loser after the EIA report indicated an unexpected increase in the US natural gas inventories last week. US stockpiles rose by 4 billion cubic feet, compared to forecasts of a 6-billion-cubic-feet fall.

Heating oil went up, moving in tandem with Brent and crude oil. However, weather forecasts predicting mild temperatures in the most parts of the US limited the upswing.


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