Crude oil rocketed ahead of the EIA report

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Source: Dukascopy Bank SA
© Scanpix/AP
Energy futures soared on Tuesday on the US easing speculation and bottom fishing. However, the upswing was capped as refineries in the US Northeast are not expected to return to pre-hurricane production levels soon. Meanwhile, traders also remained focused on the EIA inventory report due on Wednesday.

Crude oil skyrocketed as market turned bullish on the US presidential election day. Meanwhile, market players are looking ahead of the US inventory report due on Wednesday. Experts predict an increase in inventories last week.

Brent oil jumped on hopes that US will take more steps towards additional monetary easing. Moreover, brighter demand prospects from China also lifted the commodity futures.

Natural gas soared as the US is likely to face  colder than normal temperatures in the next few days.

Heating oil climbed, moving in sync with crude and Brent oil ahead of the US inventory data due on Wednesday.



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