Energy products moved higher on Thursday amid escalated tensions in the Middle East after Turkey won parliament approval to start military action in Syria. A fire at the US largest oil refinery triggered supply worries, thus sending energy futures higher.
Crude oil rallied on the ECB president comments and escalated tensions in the Middle East. Broadly weaker US Dollar also created an upward pressure on the commodity.
Brent oil skyrocketed on supply concerns. Turkey's parliament approved military actions in Syria while the largest US refinery witnessed fire.
Natural gas posted mild gains despite an increase in the US stockpiles. The EIA reported that US supplies climbed by 101 billion cubic feet last week, sending inventories above five-year-average for this time of the year.
Heating oil tracked gains of Brent and crude oil, advancing 3.98%. Global supply concerns as well as low inventory levels in the US created strong support for the commodity.