Friday, 03 April 2015 18:34

Heating Fuels Gain on Fall in Inventories

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Crude oil rebounded from yesterday low of $99.11 to $100.49 today on anticipation of fall in distillates inventory. The commodity hit this year high yesterday at New York market at $100.55. WTI gained by 0.26% to $100.31 at 0900 GMT.

According to Bloomberg forecast the distillate inventory is expected to shrunk by 1956k. This will be the 5th consecutive fall in distillates inventory. Tomorrow Energy Information Administration will release inventory data at 1530 GMT.

Expectation of winter storm at south U.S. raised Natural Gas prices. The commodity was falling on outlook of mild weather at central and northeast U.S. Natural Gas fell to $4.563 but regained today to $4.649. On Thursday Natural Gas storage will be released which is expected to fall by 245 billion cubic feet.

In other heating fuels Gasoline inventory is expected to fall by 125k from previous increase of 505k, according to Bloomberg forecast.

At 0900 GMT Gasoline gained 0.67% at $274.30 and Brent, British benchmark crude oil, is at $109.08 up by 0.41%.


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