Brent oil slid despite falling US inventories

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Source: Dukascopy Bank SA
Energy futures were mixed on Thursday amid broadly stronger US Dollar and solid global equities. An unexpected drop in the US crude oil inventories last week lifted crude oil. Energy prices were also boosted by better-than-expected data from the US labour market. US non-farm employment surpassed forecast last month.

Crude oil rallied after the EIA reported that US stockpiles tumbled by two million barrels last week compared to estimates of a 1.5-million-barrel increase.

Brent oil moved lower despite a drop in US inventories and positive headlines from the US and China. Broadly stronger greenback as well as easing concerns over supplies from the North Sea created heavy pressure on the commodity.

Natural gas was bullish after US weekly inventory data. Natural gas supplies rose by 65 billion cubic feet last week, in compliance with market consensus.

Heating oil retreated on a smaller-than-expected fall in the US distillate fuel inventories last week. US distillate fuel storage dropped by 100,000 barrels, less than a 1.5-million-barrel decline projected.
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