Heating oil leads gains on colder weather forecasts

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures except for natural gas rebounded on Monday, being supported by weaker greenback. Boosting oil prices, expansion project of the Seaway Pipeline is expected to start pumping about 400,000 barrels per day to Cushing compared to original capacity of 150,000 barrels per day. Meanwhile, bottom fishers took advantage of a recent decline in prices on fears that US debt limit dispute may hurt US economy.

Crude and Brent oil rose amid soft US Dollar and expectations that an increase in the Seaway Pipeline capacity will cut excessive supplies. Additionally, a recent decline in the US crude oil inventories continued to lend support.

Natural gas was the only-loser after a previous rally amid larger-than-expected withdrawal last week. At the same time, natural gas may be lifted by updated weather forecasts showing colder-than-normal temperatures in the most US territory later in January and in the beginning of February.

Heating oil advanced, tracking strength of Brent and crude oil. Colder weather forecasts across the US as well as below average US inventory levels pushed the heating oil prices higher.


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Tue, 08 Jan 2013 08:48:26 GMT

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