Heating oil declined despite colder weather forecasts

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Source: Dukascopy Bank SA
Energy futures, excluding natural gas dropped on Friday as growing China's inflationary pressure dampened expectations for more loose monetary policy in the country. Weak US trade data also weighed on energy prices. Meanwhile, traders remained cautious ahead of a speech by Ben Bernanke due on Monday.

Crude oil slid on disappointing figures from the US and China. Putting additional pressure, US crude oil inventories rose more-than-expected last week.

Brent oil dipped amid hopes that the start of Seaway line will reduce a supply glut in the US Midwest. Dismal data from the US and China also created heavy pressure on the commodity.

Natural gas was the only gainer on colder weather forecasts in the US. Updated weather forecasts showed that colder temperatures are expected in the most US territory later in January and in the beginning of February.

Heating oil tumbled, following a downward trend of crude and Brent oil futures. However, colder weather forecasts in the US as well as softness of greenback capped losses of the commodity.


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