Crude oil eased down ahead of EIA inventory report

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Source: Dukascopy Bank SA
© Scanpix/AFP
Energy futures tumbled on Wednesday despite weaker US Dollar and easing concerns over Hurricane Sandy. Meanwhile, market players awaited fresh report on the US crude oil stockpiles due on Thursday. Experts predict the US supplies may have stockpiled further last week, thus pushing energy prices down.

Crude oil moved down as US inventories are expected to have increased last week. At the same time, some uncertainty over supplies from the US East Coast persisted, limiting the downswing of the crude oil futures.

Brent oil slumped on expectations that US inventories climbed last week. However, the downside was restricted as OPEC announced that its output slid by 0.3% due to sharp drop in Iranian oil supplies.

Natural gas plunged on bloated inventories in the US and mounting slowdown concerns after destructive Hurricane Sandy.

Heating oil traded lower ahead of the US inventory data due on Thursday. Meanwhile, heating oil inventories dropped below the average level last week.


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