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Heating oil contracts changing hands on the New York Mercantile Exchange traded higher this morning (November 25th), recovering after a day of losses precipitated by a weak demand report from the US.
Figures from the American Petroleum Institute showed an unexpectedly large build in total crude and gasoline inventories, indicating that demand remains anaemic in the US, the world's largest energy consumer.
Speaking to Bloomberg, Ken Hasegawa, commodity derivatives sales manager at Newedge in Tokyo, said that the rise of crude and heating oil this morning could only be attributed to the weaker dollar, as demand conditions remain decidedly bearish.
"Gold and the stock markets are extending their year highs so I believe the crude oil market will be steady," he said.
Commodities trading is likely to be frantic later today after the publication of comprehensive demand figures from the Energy Information Administration. Investors will be keen to take account of the new data before the closing of the markets for the Thanksgiving holiday.
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