Crude oil flat ahead of EIA inventory report

Source: Dukascopy Bank SA
Energy futures were mixed on Tuesday amid ideas that the EIA weekly supply report scheduled on Wednesday may show an increase in the US inventories. Furthermore, disappointing manufacturing numbers from the US and China weighed on global energy demand prospects.

Crude oil inched down as investors expected the EIA report to show an increase in inventories by 1.8 million barrels last week. At the same time, the API data indicated a 4.7-million-barrel increase in the US inventories last week.

Brent oil gained despite expectations of an increase in the US stockpiles and solid greenback.

Natural gas tumbled after weather forecasts called for an arrival of warm temperatures in the most US territory in the coming days. Moreover, traders were cautious ahead of the EAI supply report due on Thursday. Analysts project the report to show a 89-billion-cubic-feet drop in inventories.

Heating oil rallied after the API data indicated larger-than-expected decline in the US inventories last week. US stocks fell 1.9 million barrels last week, defying forecasts of a 1.1-million-barrel fall.
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Wed, 03 Apr 2013 12:00:07 GMT

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