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Commodities: Energy futures jump on US inventory data, winter freeze

Bullish US weekly oil inventory data amid record-low temperatures across the eastern half of the States boosted energy prices almost across the board, helping to buoy the entire commodities complex.
Also giving sentiment a boost, data compiled by Bloomberg showed OPEC complying with its output curbs in December.

Nevertheless, analysts at Sucden Financial described overall trading as somewhat lacklustre.

"Low turnover across the LME complex today with prices mostly lower as the December rally loses momentum. It being Mifid II "go live" day, many exchanges experienced lower volumes than usual and with FOMC minutes from the December meeting due for release this evening, those investors who had returned from the New Year holidays were largely sitting on their hands" said analysts at Sucden Financial.

As of 1707 GMT, the Bloomberg commodity index was edging higher by 0.02% to 88.43 even as the US dollar spot index advanced 0.21% to 92.06.

According to the Energy Information Administration, US crude oil stockpiles shrank by 4.6m b/d over the week ending on 22 December to hit 431.9m barrels.

In the background, on Wednesday Boston saw a seventh consecutive day of temperature highs beneath 20 degress Fahrenheit, tying a century old record.

Against that backdrop, West Texas Intermediate for prompt month delivery was 1.66% higher to $61.37 a barrel on the NYMEX, alongside a 1.83% gain in February RBOB gasoline futures to $1.7954 a gallon.

Heating oil on NYMEX was also higher, adding 1.02% to $2.0794 a gallon.

Base metals and soft commodities were generally weaker, with three-month LME traded copper ending the session at $7,147 a metric tonne, down from the prior day's closing level of $7,210.

Precious metals on the other hand were extending recent gains, with February gold on COMEX advancing 0.17% to $1,317.80/oz..