Oil Prices Flat After Mixed EIA Inventory Report

At 11:19 am EDT, the price of crude had gained 0.3 percent to reach $71.12 a barrel and the price of heating oil had lost 0.5 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: UP $0.05
Morning projection (for Thursday’s price per gallon): DOWN $0.02

The price of crude is slightly higher and the price of heating oil slightly lower today following the Energy Information Administration’s weekly inventory report.  The report, released at 10:30 am Eastern Time, showed a major decrease in crude stockpiles (4.7 million barrels), but a major increase in distillate stockpiles (2.2 million barrels), which include heating oil.  Gains on the US stock market and a weakening dollar offered support to oil prices.  The decline in crude oil stocks signifies an increase in refinery activity, but the huge increase in distillate stocks show that demand for diesel and heating oil remain at rock bottom lows.

HEAT USA price experts reported a moderate increase in retail heating oil prices today and expect a small decline in retail prices tomorrow.