Crude oil retreated ahead of the EIA report

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Source: Dukascopy Bank SA
© Scanpix/AP

Energy commodities, excluding natural gas, dropped on Tuesday amid renewed eurozone woes. Market participants were confused as Spain may delay applying for the next bailout. However, broadly weaker US Dollar as well as slightly improved manufacturing activity limited the downswing.

Crude oil shed 0.64% ahead of the weekly EIA report on US inventories due on Wednesday. US stockpiles are expected to have climbed by 1.45 million barrels last week.

Brent oil sank on increased cautiousness among traders ahead of the official US inventory data and unemployment reports due later in the week.

Natural gas was the top-performer, continuing a five-day jump. Updated weather forecasts indicated that most parts of the US are likely to face cooler-than-normal weather in the first half of October.

Heating oil futures declined ahead of the US inventory data due on Wednesday. However, the commodity may found support on potential increase in demand amid cooler temperatures in the US.

 

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