Heating oil advances ahead of EIA weekly report

Source: Dukascopy Bank SA
Energy futures except for natural gas finished Tuesday's session in the green territory on hopes the Fed will decide to stick to its easy policy at its meeting on Wednesday. However, eased supply concerns pressurized the commodity group. Prince Abdulaziz bin Salman said Saudi Arabia would be able to maintain the current level of oil output for at least two decades even as consumption of fuel increases.

Crude oil gained ahead of the US inventory data scheduled on Wednesday. Experts say US crude oil stockpiles may have risen 2.9 million barrels last week.

Brent oil climbed on escalated geopolitical tensions between Libya and Algeria. However, the upswing was capped by expectations that Saudi Arabia will be able to maintain its high levels of output in the next two decades.

Natural gas was the only loser as market participants readjusted positions ahead of February contract expiration at the end of the session. Moreover, mild weather forecasts in the most US territory continued to put pressure on the commodity.

Heating oil was the top-gainer as US inventories are expected to remain at least 40% lower than the average range for this period of the year.
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