Heating oil slumps ahead of EIA inventory report

Source: Dukascopy Bank SA
Energy futures apart from crude oil were bearish on Tuesday on expectations that global output may jump. The OPEC predicts non-OPEC countries may raise supply to one million barrels per day in 2013.

Crude oil ended Tuesday's session on the positive note despite increased caution ahead of the EIA weekly supply report due on Wednesday. Experts say US crude oil inventories may have jumped by 2.3 million barrels last week compared to a 3.8-million-barrel increase in the preceding week.

Brent oil slumped after the EIA cut its Brent oil price forecast for this year from USD109 per barrel to USD108 per barrel. Sending Brent oil lower, market players continued to await talks between Iran and Western countries that may result in easing of sanctions on Iranian oil exports.

Natural gas halted its rally as updated weather forecasts are pointing to warming trend in the most heavily populated parts of the US. Meanwhile, investors were waiting for the EIA weekly report on natural gas storage due on Thursday.

Heating oil dropped on warmer weather forecasts and caution head of the EIA inventory data scheduled on Wednesday.
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