Brent oil jumped after US inventory report

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Source: Dukascopy Bank SA
Energy futures were mixed on Wednesday after a release of the EIA crude oil inventory report. Ongoing concerns over political instability in Spain and Italy as well as caution ahead of the ECB policy meeting also weighed on energy prices.

Crude oil retreated after the EIA report showed slightly smaller than expected increase in the US crude oil inventories. US stockpiles rose 2.62 million barrels last week, missing forecasts of a 2.77-million-barrels gain.

Brent oil finished in green territory on hopes upcoming China's trading figures will be positive. Adding to gains, the latest data indicated a decline of 315,000 barrels in Cushing stockpiles last week.

Natural gas jumped as updated weather forecasts called for abnormally low temperatures in the US. The Commodity Weather Group predicted a snowstorm in the Midwest and Northeast next week. Meanwhile, market players remained cautious ahead of the EIA inventory report due on Thursday.

Heating oil was the worst performer despite larger-than-expected decline in the US stockpiles. US inventories fell by one million barrels last week, compared to estimates of a 750,000-barrels drop.
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