Heating oil rises ahead of EIA report, strong greenback weighs

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Source: Dukascopy Bank SA
Energy futures were mixed on Thursday amid rallying US Dollar and more pessimistic outlook on the world's energy demand after the IMF lowered its growth forecast. Fiscal worries also weighed on the commodity group. US approved a temporary lift of its debt ceiling until May. However, uncertainty over how the US lawmakers will agree on debt ceiling extension still persists.

Crude oil led losses after the IMF cut its global growth forecast, rising concerns over the world's energy demand perspectives. Meanwhile, market players remained cautious ahead the EIA weekly supply report due on Thursday.

Brent oil posted mild gains ahead of the EIA report. However, firm greenback as well as more gloomy global growth outlook limited the upside potential.

Natural gas slumped as weather forecasts started to point to warmer weather in early February. At the same time, the downswing was restricted as experts say US natural gas inventories may have fallen 167 billion cubic feet last week, compared to a decline of 148 billion cubic feet in the preceding week.

Heating oil followed Brent oil's trend, adding 0.32% ahead of the EIA report. The commodity found support on lower-than-average US inventories.
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