Energy commodities apart from natural gas climbed on positive news from the US labour market and larger-than-expected decline in the US crude oil inventories last week. New anti-recession measures announced by the ECB also boosted the commodity group.
Crude oil spiked after the US stockpiles report. The US crude oil inventories dropped by 7.4 million barrels compared to forecasts of a 5.3 million barrel decline.
Brent oil moved higher on brighter demand perspectives amid positive headlines from the US and Eurozone. Hopes that China will loosen its monetary policy also pushed the energy prices up.
Natural gas sank despite smaller-than-expected increase in US natural gas inventories. Dragging the commodity prices lower, US Northeast and Midwest are likely to face normal temperatures over the next six days.
Heating oil soared as US distillate fuel inventories remained below the lower limit of the average range despite a 1.0 million barrel increase last week.