Oil Prices Bounce Back in a Big Way

At 9:21 am EDT, the price of crude had gained 2.3 percent to $64.83 a barrel and the price of heating oil had increased by 2.8 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: DOWN $0.08
Morning projection (for Friday’s average price per gallon): UP $0.06

Crude and heating oil prices plummeted yesterday after inventory data released by the EIA showed much larger than expected build in all three categories of petroleum products.  The 5.1 million barrel increase in crude stockpiles reported by the EIA drove the price of crude down by almost six percent on Wednesday.  But prices recovered quickly this morning, buoyed by stock market rallies in Asia and Europe.  The Asian and European rallies were spurred by positive corporate earnings reports from major corporations, including oil giant BP and carmaker Nissan.

HEAT USA price experts reported that yesterday’s price drops had brought about much lower retail prices this morning, but are expecting retail price increases as early as 11 am.