Heating oil gains ahead of EIA inventory report

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Energy futures, excluding natural gas, rebounded on Tuesday ahead of closely-watched Fed meeting due to end on Wednesday. Market players expect the Fed to leave its loose policy unchanged. Meanwhile, traders remained cautious as OPEC is due to discuss global output quotas later in the week.

Crude oil traded higher on upbeat German confidence index reading and weaker US Dollar. Meanwhile, investors awaited EIA weekly supply report that is expected to show a 2.6-million-barrel decline in the crude oil stockpiles last week.

Brent oil jumped amid uncertainty ahead of OPEC meeting on world production quotas.

Natural gas was the only loser on warmer-than-normal weather forecasts in the US. Meanwhile, experts say that US natural gas stockpiles may have fallen by 4 billion cubic feet last week, much less than a 73-billion-cubic-feet decline in the preceding week.

Heating oil advanced ahead of the EIA inventory report due on Wednesday. However, warm US weather that weights on heating fuel demand perspectives capped gains of the commodity.


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