Heating oil slid ahead of the US inventory report

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Energy commodities tumbled on Tuesday on global growth fears and weakening manufacturing activity in the US. The New York manufacturing activity dropped unexpectedly this month, attaining three-year low. Moreover, solid greenback added pressure on the commodity group.

Crude oil plunged as uncertainty over Spain's bailout and contracting manufacturing activity in the US pressurized the commodity price.

Brent oil retreated on tensions between China and Japan that may decrease energy demand. However, attacks on US embassies in the Middle East continued to lend supply-side support for the commodity.

Natural gas extended previous losses amid cooler weather forecasts and high US inventory levels. The most of the US territory is expected to face cooler temperatures in the next six to ten days, thus weighting on conditioning demand.

Heating oil moved lower ahead of the US distillate fuel inventory data due on Wednesday. Meanwhile, global growth concerns dragged the commodity lower.

 

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