Heating oil slumped amid high inventory levels

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Source: Dukascopy Bank
Energy commodities declined amid turmoil in the Euro Zone after recent elections in Greece and France provoked worries about the region's debt crisis.

Crude oil tumbled as anxiety about energy demand dented risk-appetite among investors. Meanwhile, traders are cautions ahead of the IEA report on the US energy stockpiles due later today.

Brent oil continued its downward trend as dialogue between Iran and six world's largest economies is likely to ease geopolitical tensions. Moreover, increased output from OPEC also weighed on the commodity.

Natural gas extended previous gains as production cutbacks stimulated demand in the US. Natural gas rose almost 18.5% since hitting 10-year low in the end of April.

Heating oil was the top-loser on Monday along with normal temperatures for this year period and slightly elevated inventories in the US.


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