Heating oil rose despite demand concerns from the US refineries

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Source: Dukascopy Bank SA
© Scanpix/AFP
Energy futures except for natural gas moved higher despite broadly stronger US Dollar and escalated uncertainty ahead of looming presidential elections in the US. Capping the upswing, demand for oil futures is expected to slow down as refineries in the US Northeast remained closed after Hurricane Sandy.

Crude oil added almost 1% despite mounting demand uncertainty. Experts claim that US refineries are not likely to restart normal output soon.

Brent oil rallied despite fading demand and supply side support. Economic slowdown in Asia and the eurozone weights on consumption prospects while increasing production in Saudi Arabia adds pressure from the supply side.

Natural gas was flat as traders remained on the sidelines ahead of the US presidential elections. Meanwhile, worries over slowing demand from the US Northeast are likely to weight on the commodity in the following sessions.

Heating oil climbed ahead of the US elections due on Tuesday. Lower US inventories were supportive for the commodity.


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