Heating oil slumps as U.S. inventories fell less than expected

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Source: Dukascopy Bank SA
Energy futures except for natural gas dropped on Thursday after the IEA cut its forecast for world's oil demand for 2013. The IEA reduced its estimate by 45,000 barrels per day, citing weak demand from Europe. European consumption is expected to fall 330,000 barrels per day to the lowest level since 1985.

Crude and Brent oil declined on elevated U.S. inventories and bleak global demand perspectives. U.S. stocks rose 0.3 million barrels last week to the highest level since July 1990. Moreover, global demand cuts by OPEC and the IEA added pressure on the oil prices. Natural gas was the only gainer after the EIA supply report indicated a bigger-than-expected withdrawal last week.

Natural gas supplies dropped 14 billion cubic feet last week compared to expectations of a 12-billion-cubic-feet decline. Adding to gains, weather forecasts called for a return of cold temperatures in the central regions of the U.S. in the coming days.

Heating oil traded lower after Wednesday's EIA report showed smaller-than-expected fall in inventories. Distillate fuel supplies dipped 200,000 barrels last week, while experts predicted a 1.8-million-barrel decline.
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