Heating oil dives despite colder weather forecasts in the US

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures, excluding natural gas, fell on Thursday on easing supply concerns in the Middle East. However, the commodity group noted some support from a recent slump in US inventories and brighter demand prospects. Preliminary PMI readings indicated that manufacturing activity in the US, China and the Eurozone was better than market consensus in November.

Crude oil dropped despite strong demand-side support. Upbeat PMI numbers from the world's largest economies as well as optimism over the Greek bailout talks failed to lift the commodity.

Brent oil was bearish as fire was ceased in the Middle East. At the same time, the downswing was restricted in wake of softer greenback and positive PMI readings.

Natural gas was the only gainer, reaching one-year high after the EIA report showed the second withdrawal of the natural gas inventories for winter heating season.

Heating oil shed 0.45% despite forecasts for colder-than-normal weather in the US East Coast for the next week.


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