Heating oil drops despite colder weather forecasts

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Source: Dukascopy Bank SA
Energy futures, excluding natural gas, dipped on Monday after disappointing US factory orders numbers sparked profit taking. Political instability in Spain coupled with firm US Dollar added pressure on the commodity group. At the same time, geopolitical tensions in the Middle East lent some support for energy prices.

Crude oil declined on profit taking and solid greenback. Furthermore, a recent jump in the US crude oil inventories weighed on the commodity price. The latest EIA report showed US crude oil stockpiles soared 5.9 million barrels last week, while experts predicted a 2.9-million-barrel increase.

Brent oil halted its rally, tracking weakness of crude oil futures. However, Brent oil's losses were limited due to persistent unrest in the Middle East.

Natural gas was the only gainer after updated weather forecasts signaled colder temperatures in the eastern part of the US in the nearest term. Meanwhile, analysis expect US inventory data to show a withdrawal between 127 and 173 billion cubic feet last week.

Heating oil plummeted despite expectations of colder weather in the US. Heating oil may further seek support on falling US inventories.
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