Brent oil fell ahead of key US pipeline reversal

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Source: Dukascopy Bank
Energy commodities were mixed on Monday with rising natural gas and crude oil and falling Brent and heating oil. Crude and Brent oil came under pressure as talks between Iran and six main economies are expected to bring positive results. Brent oil tumbled as a reversal of one of the major US pipelines, the Seaway pipeline, is likely to be finished two week ahead of schedule. The spread between crude and Brent oil narrowed by 2.50 US Dollars as the pipeline will decrease crude oil inventory buildup in Canada and North Dakota. Meanwhile natural gas rebounded from record lows on the expectations for stronger international demand; however, warm weather continued to weight down on natural gas and heating oil.


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