Heating oil dives despite colder weather forecasts

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Source: Dukascopy Bank SA
Energy futures apart from natural gas finished in red on Monday as market participants shunned riskier assets after weak US industrial production data released on Friday. Fears over deepening recession in the Eurozone also weighed. Restricting the downswing, JODI data showed Saudi Arabia's output reached a 19-month low of 9.03 million barrels per day in December.

Crude oil moved lower amid dismal US industrial production numbers and solid US Dollar. Meanwhile, investors anticipated the FOMC meeting minutes due on Wednesday and the EIA inventory report due on Thursday.

Brent oil declined on global growth fears. However, the downward trend remained capped by lower supplies from non-OPEC countries.

Natural gas was the only gainer as weather models called for colder temperatures in the most US territory. Weighing on the commodity, the US inventories dropped less than expected last week, according to the latest EIA report.

Heating oil moved in tandem with crude and Brent oil, retreating 0.11%. However, the commodity may seek support on lower US stockpiles and colder weather forecasts in the US.
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