Crude oil slides as investors bet on increase in US stocks

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Energy futures were mixed on Tuesday amid expectations of the US inventory buildup this week. Firmness of the US Dollar and dismal economic reports from the Eurozone also pushed energy prices lower. Moreover, concerns over looming debt limit dispute in the US added to losses of the commodity group.

Crude oil eased as investors bet on an increase in the US crude oil stockpiles. Experts expect the EIA to report a 0.9-million-barrel increase in the US crude oil stocks last week compared to a 11.1-million-barrel drop in the preceding week.

Brent oil climbed on expectations that an increase in the Seaway Pipeline capacity will cut excessive supplies. However, firm US Dollar and uncertainty surrounding US debt limit talks weighted on the commodity futures.

Natural gas plunged amid controversial weather forecasts. A National Weather Service and WSI expect below normal temperatures in the most US territory while MDA Weather Services predicts warmer weather in the next two weeks.

Heating oil rallied for the second consecutive session as US inventories stood below average level last week. However, uncertainty over US heating demand and solid greenback capped gains.


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