Heating oil inched up after EIA weekly report

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures except for heating oil finished in red after bearish EIA inventory data. However, uncertainty whether the next president of Venezuela will use oil as a political weapon, like his predecessor Hugo Chavez, restricted the downward trend of the commodity complex.

Crude oil slid after the EIA data showed inventories rose much more than expected last week. Stockpiles climbed 3.8 million barrels last week, compared to forecasts of a 0.9-million-barrel increase.

Brent oil slumped amid a buildup in the US inventories. However, the downswing was capped by uncertainty over situation in Venezuela.

Natural gas dropped ahead of the EIA inventory report due on Thursday. Experts predict a 135-billion-cubic-feet decline in the US inventories, compared to fall of 171 billion cubic feet in the preceding week. Heating oil was the only commodity in the sector to post a mild gain.

Heating oil was boosted by a larger-than-expected decline in the US distillate fuel stocks. Inventories dropped 3.8 million barrels last week, while analysts expected only a 1.3-million-barrel decline.
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