Heating oil edged down despite falling US stockpiles

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Source: Dukascopy Bank SA
Energy futures sank on Wednesday as stronger US Dollar continued to push the commodity group lower. Negative headlines from the eurozone added to loses in energy futures. Moreover, larger-than-expected buildup in the US crude oil inventories weighted down on Brent and crude oil.

Crude oil tumbled after the EIA reported that US crude oil stockpiles jumped by 5.9 million barrels last week while analysts predicted inventories to increase only by 1.9 million barrels.

Brent oil dropped amid rising US inventories and weak economic releases from the eurozone. However, the downside remained capped by persistent tensions in the Middle East.

Natural gas was bearish ahead of the US supply report due on Thursday. Analysts expect the natural gas storage to fall in range between 52 and 77 billion cubic feet.

Heating oil eased down, tracking weakness in crude and Brent oil. Meanwhile, US distillate fuel inventories remained below the lower limit of seasonally adjusted average range last week.


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