Heating oil edged down despite falling US inventories

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Source: Dukascopy Bank SA
Energy futures plunged on Wednesday despite broadly weaker US Dollar and an unexpected decline in the US crude oil inventories. The commodity group was pressurized by easing supply concerns in the Middle East and lingering worries over looming fiscal cliff in the US. 

Crude oil sank despite an unexpected drop in the US crude oil stockpiles last week. US crude oil supplies declined 0.34 million barrels last week, confronting forecasts of a 0.31-million-barrel increase.

Brent oil dropped as market participants ignored supply-side support and turned to demand worries as US may enter a recession after Bush era tax breaks expire on January 1.

Natural gas tumbled on mild weather forests across the key parts of the US next week, which continued to weight on heating demand potential.

Heating oil eased down on mild weather forecast for the coming week. However, the commodity may seek support on falling US distillate fuel inventories that were below the lower limit of the average range last week.


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