Heating oil bearish despite lower inventories, cold weather

Source: Dukascopy Bank SA
Energy futures apart from natural gas declined on Friday after disappointing U.S. labour market numbers. Weak jobs data fuelled fears that the U.S. economic recovery is losing momentum that may weigh on the energy demand prospects. Moreover, a recent bearish EIA inventory report added pressure on oil prices.

Crude and Brent oil finished in red on concerns over jobs market in the U.S. Also depressing oil prices, recent EIA report showed a larger-than-expected increase in inventories last week. However, the downswing remained limited as weak labour market data spurred speculation that the Fed will continue its ultra-easy measures to boost growth.

Natural gas hit a 20-month high on worries over the U.S. inventory levels. According to the latest EIA report, natural gas storage dropped 94 billion cubic feet last week compared to expectations of a 89-billion-cubic-feet decline. Natural gas also was lifted by cold weather forecasts in the Northeast and Midwest this week.

Heating oil dipped amid weakness in brent and crude oil prices. However, low U.S. inventory levels as well as expectations of abnormally cold temperatures lent some support to the commodity futures.
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