Heating Oil Tumbles Through Support Following Build in Crude Inventories

Heating oil prices moved lower breaking through trend line support. Amid high uncertainty in the global oil market, EIA has lowered crude oil price forecasts in the Short-Term Energy Outlook, expecting WTI crude oil prices to average $49 per barrel in 2015 and $54 in 2016, $6 and $8 lower than forecast in last month’s STEO, respectively. Since the beginning of 2015, North Sea Brent has traded…