Gasoline Stockpile Data Lifts Oil Prices

At 9:06 am EDT, the price of crude had risen by 0.6 percent to $68.49 a barrel and the price of heating oil had gained 0.2 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: DOWN $0.01
Morning projection (for Friday’s price per gallon): DOWN $0.01

Yesterday’s US petroleum inventory data released by the Energy Information Administration showed a much larger than expected 2.97-million-barrel decrease in gasoline supplies, reviving hopes that economic recovery is soon to come.  Gasoline supplies are seen as the main indicator of US oil demand.  The gasoline draw lifted crude prices from a two-week low of $67.05 reached on Wednesday.  Despite the big drawdown of gasoline supplies, crude supplies fell less than expected, and distillate fuel stocks (including heating oil) increased by 1.18 million barrels—both of which show that overall fuel demand is still unsteady at best.  Most experts have identified a range of $65-$75 within which they expect a barrel of crude to trade in the short term.

HEAT USA price experts reported a slight decline in retail heating oil prices today, following to big price drops on Tuesday and Wednesday.  Although NYMEX crude and heating oil prices are higher at the moment, they are trending downward, and price experts expect them to continue to fluctuate near their opening prices throughout the day.