Heating oil slumps on normal US weather forecasts

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Source: Dukascopy Bank SA
Energy futures were bearish on weak appetite for riskier assets amid fading hopes that US officials will agree on the budget before January 1.  Solid greenback also pressurized the commodity group. However, recent positive US data readings as well as lower US inventories limited the downswing.

Crude oil tumbled on worries over the US budget impasse. Solid US Dollar and uncertainty over demand from the Eurozone also weighed on crude oil futures.

Brent oil moved lower, retreating for the second consecutive session amid US demand concerns. US budget dispute may push the country into recession thus weighting on energy demand prospects.

Natural gas dropped after touching a two-week high in the previous session on larger-than-expected withdrawal last week. On Friday, market participants focused on weather forecasts that suggested normal temperatures to remain on the most US territory next week.

Heating oil moved in sync with crude and Brent oil, sliding 1.15%. Normal weather in the following days put a heavy pressure on the commodity.


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