Oil Prices Stay Mostly Flat as Positive and Negative Forces Continue to Battle

Oil prices changed only slightly today, as bits of positive economic news in the US were once again counterbalanced by a dismal supply and demand situation.  According to CNBC.com, a survey released today showed an increase in consumer confidence this month, which reached its highest level since September of 2008.  Better-than-expected first quarter earnings reports from major corporations Citigroup and General Electric also spurred optimism that an economic recovery could be slowly coming on.  However, poor demand and US inventories of petroleum products at their highest levels in 19 years continued to temper price gains.  A statement by Citigroup following its announcement of strong first quarter earnings that expressed worry over the state of consumer debt in the US also pulled back rising prices.

The price of crude reached a high of  $51.37 today before falling below $51 to post a 0.6 percent gain on the day and close at $50.31 a barrel.  The price of heating oil remained unchanged.

HEAT USA price experts were pleased to see no change in heating oil prices after several consecutive days of small increases.

HEAT USA Price Report
Evening projection (for Monday’s average retail price per gallon): NO CHANGE