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Creeps Higher

OIL

Crude futures have crept higher in Asia, building on Wednesday's gains. Both WTI and Brent crude futures finished in positive territory, shrugging off a poor showing from equity markets as well as the rebounding dollar. Buoyant NatGas prices led the way higher, with the active contract printing the highest levels since 2014 as supply concerns feed directly into prices. Forecasts for winter NatGas stockpiles are being downgraded, with solid summer demand pressuring reserves that'll meet Winter heating requirements across the West Coast. The move higher was supported US API stockpile data which showed headline crude stocks fell 2.88m bbls, markets look ahead to official US DOE inventory data which is forecast to show a 4.75m bbl decline in stocks. Markets will also keep an eye on a fresh wave of protests at Libyan oilfields and ports which threatens to impact output.

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