Brent oil slumps ahead of EIA weekly supply report

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Source: Dukascopy Bank SA
Energy futures apart from natural gas were bearish on Tuesday amid mixed US data and concerns over the US budgetary dispute. Broadly stronger US Dollar after better-than-expected US retail sales reading sent energy prices lower. Moreover, global growth concerns after the World Bank cut its global expansion estimate from 3% to 2.4% for this year weighted on the commodity group.

Crude and Brent oil dropped ahead of the weekly EIA report due on Wednesday. Analysts say crude oil inventories may have increased by 2 million barrels last week compared to a 1.3-million-barrel jump in the preceding week. Uncertainty over the US debt ceiling battles also put heavy pressure on oil futures.

Natural gas extended gains, approaching a two-week high after larger-than-expected withdrawal last week. However, natural gas is likely to lose momentum as updated weather forecasts showed warmer-than-normal temperatures in the key parts of the US in the next six-to-ten days.

Heating oil plunged, tracking losses of crude and Brent oil. Warmer weather forecasts in the US and firm greenback pushed heating oil futures lower. Limiting the price decline, US inventories stood below a five-year average level last week.


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