Heating oil falls despite colder weather forecasts in the US

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Source: Dukascopy Bank SA
Energy futures were mixed on Monday amid concerns over stability in the Eurozone as Cyprus is set to impose taxes on deposits. At the same time, speculation that Saudi Arabia will not increase output in the nearest term supported the commodity sector.

Crude oil moved higher after Saudi Arabian oil minister Ali al-Naimi said that current oil prices should not impact growth in Asia, perhaps implying that the country is not going to increase oil production in the short run.

Brent oil declined on talks that US inventories may have increased last week. At the same time, Saudi Arabia comments coupled with potential supply disruption in Libya restricted the downswing of the commodity.

Natural gas jumped on ideas that colder-than-normal temperatures in the US pushed the country's stockpiles down. Meanwhile, weather forecasting models continued to call for chilly weather in the most populated eastern parts of the US.

Heating oil declined despite talks that distillate fuel inventories probably dropped last week. Heating oil may find support on colder weather in the US and weaker US Dollar.
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