Brent oil surges on inventory data; EIA outlook cuts gains

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Source: Dukascopy Bank SA
Energy futures except for natural gas moved higher on Wednesday after the EIA supply report indicated an unexpected drop in crude oil inventories last week. Furthermore, calming worries over Cyprus bailout as well as continuation of the growth-boosting measures by the Fed lifted the commodity sector.

Crude and Brent oil advanced after the EIA report showed a drop in US inventories last week. US stockpiles declined 1.3 million barrels last week compared to a forecast of a 1.8-million-barrel increase. However, the upswing was capped by the EIA short term energy outlook. The EIA expects US oil production to exceed imports by two million barrels per day by 2014.

Natural gas was the only loser as markets priced in forecasts of colder-than-normal temperatures in the most US territory. Meanwhile, market players were cautious ahead of the EIA inventory report due on Thursday. Experts predict the report to show a 70-bilion-cubic-feet decline in the US stocks last week.

Heating oil jumped despite smaller-than-expected decline in the US distillate fuel inventories. US storage dropped 700,000 barrels last week, while analysts projected a 1.5-million-barrel decline.
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