America's LargestOil Prices Dip on Signs of Economic Slowdown
As of 8:48 am EDT, the price of crude had fallen by 0.4 percent to reach $76.28 a barrel and the price of heating oil had declined by 0.2 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.01
Morning projection (for Monday’s average price per gallon): Down $0.02
The decline in US manufacturing activity that was reported on Thursday continued to weigh on oil prices on Friday. Falling production from US factories points to slower economic recovery in the US, and slower recovery would mean slower growth in oil demand in the world’s largest energy consumer. With much of the current price of oil based on the expectation that global economic recovery will drive up fuel consumption, economic news that suggest a more cautious outlook pushes down oil prices. Crude oil and heating oil prices have edged downward despite a weaker dollar, which makes commodities that are priced in dollars (like crude oil and heating oil) cheaper and more appealing for investors who hold other currencies.
HEAT USA price experts report that US stock markets could support higher oil prices on Friday, depending on how stock markets respond to quarterly earnings reports from Citigroup and Bank of America. Both financial institutions did better than analysts expected but still reported falling profits.
Oil Prices Gain on Weak Dollar, Stock Market Rally
As of 9:20 am EDT, the price of crude had risen by 0.5 percent to reach $77.40 a barrel and the price of heating oil had climbed by 0.5 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.01
Morning projection (for Friday’s average price per gallon): Up $0.02
The price of oil continued to follow the lead of global stock markets in early trading on Thursday, showing how dependent oil prices are on economic sentiment, which is reflected in the stock markets. European stock markets rose after JP Morgan released its quarterly earnings report, which showed higher profits than analysts anticipated. A weak dollar also contributed to rising oil prices. Since crude oil and heating oil futures are traded in dollars, a weaker dollar makes them cheaper and thus more attractive to traders who hold other currencies.
HEAT USA price experts report that weekly oil inventory figures did not move oil prices very much, so financial factors like the stock market and the value of the dollar—rather than fundamentals of supply and demand—may continue to drive oil prices on Thursday.
Oil Prices Fall After API Says Crude Supplies Rose
As of 8:44 am EDT, the price of crude had decreased by 0.7 percent to reach $76.63 a barrel and the price of heating oil had dropped by 0.7 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.05
Morning projection (for Wednesday’s average price per gallon): Down $0.02
The API’s weekly inventory report surprised oil traders by showing an increase in crude oil inventories of 1.7 million barrels, as well as unexpectedly large builds in gasoline supplies (1.7 million barrels) and distillates (3.2 million barrels), a category of fuel that includes heating oil and diesel. Analysts had predicted that inventories would fall by more than 1 million barrels. The surprise supply increase signaled that demand for oil remains weak, despite the recent stock market rally that has generated optimism about the global economy. European stock markets slumped on Tuesday, which also weighed on oil prices. Oil traders now await the opening of US stock markets and the EIA’s inventory report, to be released at 10:30 am.
HEAT USA price experts report another impressive quarterly earnings report, this time from Intel, could give stock markets a boost. If the stock markets climb on Tuesday, that could offset the effect of an increase in crude supplies.
Oil Prices Climb with Stock Markets
As of 8:57 am EDT, the price of crude had risen by 1.6 percent to reach $76.17 a barrel and the price of heating oil had increased by 1.6 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.03
Morning projection (for Wednesday’s average price per gallon): Up $0.05
European stock markets advanced on [...]
Oil Prices Climb on Higher Chinese Crude Imports
As of 8:59 am EDT, the price of crude had risen by 0.4 percent to reach $76.36 a barrel and the price of heating oil had increased by 0.5 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.02
Morning projection (for Tuesday’s average price per gallon): Up $0.01
China’s net crude oil imports [...]
Oil Prices Split After Three-Day Rally
As of 9:04 am EDT, the price of crude had fallen by 0.1 percent to reach $75.39 a barrel and the price of heating oil had risen by 0.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.03
Morning projection (for Monday’s average price per gallon): Up $0.01
The rally in oil prices [...]
Oil Prices Climb on API Inventory Data
As of 8:49 am EDT, the price of crude had risen by 1.2 percent to reach $74.92 a barrel and the price of heating oil had increased by 1.2 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.06
Morning projection (for Friday’s average price per gallon): Up $0.03
After the close of trading [...]
Oil Prices Rise on Forecast of Falling Inventories
As of 8:57 am EDT, the price of crude had increased by 1.1 percent to reach $72.76 a barrel and the price of heating oil had climbed by 1.7 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.01
Morning projection (for Thursday’s average price per gallon): Up $0.03
Analysts expect inventory reports from [...]
Oil Prices Climb on Weak Dollar, Stronger Stock Markets
As of 8:54 am EDT, the price of crude had risen by 0.9 percent to reach $72.82 a barrel and the price of heating oil had increased by 1.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.02
Morning projection (for Wednesday’s average price per gallon): Up $0.04
After falling every day last [...]
Oil Prices Split as US Sheds Jobs
As of 8:50 am EDT, the price of crude had fallen by 0.5 percent to reach $72.56 a barrel and the price of heating oil had increased by 0.1 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.07
Morning projection (for Monday’s average price per gallon): Down $0.01
Bleak economic news continued to [...]
Oil Prices Continue to Slump on Economic Slowdown
As of 8:57 am EDT, the price of crude had fallen by 1.2 percent to reach $74.73 a barrel and the price of heating oil had dropped by 1.0 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.03
Morning projection (for Friday’s average price per gallon): Down $0.03
China and the US, the [...]
Oil Prices Split on Mixed API Inventory Data
As of 8:57 am EDT, the price of crude had increased by 0.1 percent to reach $76.00 a barrel and the price of heating oil had dropped by 0.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.07
Morning projection (for Thursday’s average price per gallon): Down $0.02
The API issued its weekly [...]
Oil Prices Slide on End of Storm Worries, Weak Asian Stock Markets
As of 9:02 am EDT, the price of crude had fallen by 3.0 percent to reach $75.88 a barrel and the price of heating oil had dropped by 2.8 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.02
Morning projection (for Wednesday’s average price per gallon): Down $0.05
Though tropical storm Alex is [...]
Oil Prices Fall as Storm Threat Wanes
As of 9:14 am EDT, the price of crude had dropped by 0.8 percent to reach $78.20 a barrel and the price of heating oil had declined by 1.2 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.05
Morning projection (for Tuesday’s average price per gallon): Down $0.03
Tropical storm Alex became the [...]
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Read More »Oil Prices Inch Upward on Tropical Storm Risk
As of 8:43 am EDT, the price of crude had increased by 0.4 percent to reach $76.78 a barrel and the price of heating oil had risen by 0.1 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.01
Morning projection (for Monday’s average price per gallon): Up $0.01
This week’s economic data from [...]
Oil Supply Concerns Push Down Prices for the Second Day
As of 9:10 am EDT, the price of crude had fallen by 0.5 percent to reach $75.98 a barrel and the price of heating oil had dropped by 0.6 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.04
Morning projection (for Friday’s average price per gallon): Down $0.02
High inventories of crude oil [...]
Oil Prices Fall on Crude Oil Buildup
As of 9:02 am EDT, the price of crude had declined by 1.0 percent to reach $77.11 a barrel and the price of heating oil had dropped by 0.7 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.03
Morning projection (for Thursday’s average price per gallon): Down $0.03
Crude oil inventories rose by [...]
Oil Prices Give Up Monday’s Gains
As of 8:52 am EDT, the price of crude had fallen by 0.5 percent to reach $77.40 a barrel and the price of heating oil had dropped by 0.5 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.01
Morning projection (for Wednesday’s average price per gallon): Down $0.03
Oil prices fell on Tuesday, [...]
Oil Jumps on Potential Demand Growth in China
As of 9:06 am EDT, the price of crude had risen by 2.0 percent to reach $78.73 a barrel and the price of heating oil had climbed by 1.7 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.01
Morning projection (for Tuesday’s average price per gallon): Up $0.04
China signaled a shift in [...]
