America's LargestOil Prices Sink as China’s Inflation Climbs
As of 9:02 am EST, the price of crude had fallen by 0.7 percent to reach $81.49 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 $0.02
Morning projection (for Friday’s average price per gallon): Down $0.02
Inflation in China hit a 16-month high, prompting expectations that China would tighten monetary policy, which would in turn restrain economic growth and oil demand. Many oil traders believe that Chinese economic growth will drive oil prices throughout 2010, so the prospect of slower growth had pushed down the price of crude and heating oil. Global oil supplies may also get a lift from OPEC, which is expected to exceed its production targets in the coming quarter. However, yesterday’s inventory reports pointed to increased demand in the US, and that has counteracted some of the impact of the OPEC news on oil markets.
HEAT USA price experts report that oil prices have fallen after testing new highs, but the EIA data showing falling supplies of refined products will likely limit any decline in crude and heating oil prices.
Oil Inches Up Ahead of EIA Inventory Report
As of 8:48 am EST, the price of crude had increased by 0.1 percent to reach $81.56 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: Down $0.02
Morning projection (for Thursday’s average price per gallon): Down $0.03
News from OPEC and China gave oil prices a lift before the EIA’s weekly inventory figures are issued. China’s fuel imports rose in February, providing some more evidence that Chinese demand was growing and could be enough to lead oil prices higher by itself; OPEC revised its assessment of world oil demand, raising its estimate by 190,000 barrels per day. While these offered some signs of growing world oil demand, traders are focused on today’s inventory report. Predictions are for crude oil supplies to increase by roughly 2 million and for stockpiles of distillates, which include heating oil and diesel, to fall by about 1 million barrels.
HEAT USA price experts report that the inventory figures for distillates could become less important for oil prices at this time of year, since it’s less important to keep supplies of heating oil now that the heating season nears its end. Look for crude oil inventories to move oil markets today.
Oil Prices Drop on Forecasts of Supply Builds
As of 8:45 am EST, the price of crude had fallen by 1.9 percent to reach $80.34 a barrel and the price of heating oil had decreased by 1.7 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: No Change
Morning projection (for Wednesday’s average price per gallon): Down $0.04
After crude oil hit an eight-week high on Monday, predictions that weekly inventory reports will show another buildup of crude supplies have pushed down the prices of crude and heating oil. Analysts expect crude inventories to increase by 2 million barrels, and gasoline supplies to rise by 150,000 barrels. Distillate inventories, which include heating oil and diesel, likely fell by close to 1 million barrels, but as warmer weather arrives in the Northeast and the heating season draws to a close, such declines in distillates have a smaller impact on oil prices.
HEAT USA price experts report that fundamentals of supply and demand have taken center stage in oil markets, and if they remain the focus of trading then oil prices will continue their retreat.
Oil Prices Climb on Signs of Recovery, Weak Dollar
As of 8:53 am EST, the price of crude had risen by 0.3 percent to reach $81.76 a barrel and the price of heating oil had increased by 0.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.03
Morning projection (for Tuesday’s average price per gallon): Up $0.02
The effect of last Friday’s [...]
Oil Prices Rise on Jobs Report
As of 9:06 am EST, the price of crude had increased by 1.5 percent to reach $81.41 a barrel and the price of heating oil had climbed by 1.1 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.02
Morning projection (for Monday’s average price per gallon): Up $0.03
The Labor Department released its [...]
Oil Prices Fall as Dollar Rises
As of 9:04 am EST, the price of crude had declined by 0.2 percent to reach $80.71 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 $0.03
Morning projection (for Friday’s average price per gallon): Down $0.02
Oil markets were unmoved by [...]
Oil Prices Climb on Weak Dollar Ahead of EIA Report
As of 8:56 am EST, the price of crude had increased by 0.8 percent to reach $80.34 a barrel and the price of heating oil had risen by 1.1 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.04
Morning projection (for Thursday’s average price per gallon): Up $0.03
A weak dollar pushed oil [...]
Oil Prices Follow Stock Market Gains
As of 9:05 am EST, the price of crude had risen by 0.5 percent to reach $79.09 a barrel and the price of heating oil had increased by 0.6 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.01
Morning projection (for Wednesday’s average price per gallon): Up $0.01
The price of crude and [...]
Oil Prices Climb on Dollar, Chile’s Earthquake
As of 9:14 am EST, the price of crude had risen by 0.7 percent to reach $80.23 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 $0.04
Morning projection (for Tuesday’s average price per gallon): Up $0.03
Oil prices continued to rally [...]
Oil Prices Rise on Revised GDP Figures
As of 9:18 am EST, the price of crude had increased by 0.8 percent to reach $78.80 a barrel and the price of heating oil had climbed by 0.7 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.05
Morning projection (for Monday’s average price per gallon): Up $0.02
The Commerce Department said that [...]
Oil Prices Fall on Strong Dollar, Growing Jobless Claims
As of 8:57 am EST, the price of crude had dropped by 1.5 percent to reach $78.82 a barrel and the price of heating oil had fallen by 1.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.01
Morning projection (for Friday’s average price per gallon): Down $0.04
Concerns over economic recovery in [...]
Oil Prices Edge Downward Ahead of Inventory Data
As of 8:51 am EST, the price of crude had declined by 0.1 percent to reach $78.80 a barrel and the price of heating oil had dipped by 0.1 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.04
Morning projection (for Thursday’s average price per gallon): Down $0.03
There was little change in [...]
Oil Prices Fall on German Economic Worries
As of 8:57 am EST, the price of crude had dropped by 1.5 percent to reach $79.07 a barrel and the price of heating oil had fallen by 1.5 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 $0.04
The price of crude and [...]
Oil Prices Climb on Refinery Strike in France
As of 8:53 am EST, the price of crude had risen by 0.1 percent to reach $79.90 a barrel and the price of heating oil had increased by 0.3 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 $0.02
Workers at Total’s French refineries [...]
Oil Prices Rise on Consumer Price Report
As of 9:11 am EST, the price of crude had climbed by 0.5 percent to reach $79.46 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 $0.04
Morning projection (for Monday’s average price per gallon): Up $0.02
Oil markets have fluctuated today [...]
Oil Prices Fall on Jobless Claims, API Data
As of 8:52 am EST, the price of crude had dropped by 0.8 percent to reach $76.68 a barrel and the price of heating oil had declined by 1.1 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.01
Morning projection (for Friday’s average price per gallon): Down $0.04
An increase in the number [...]
Oil Prices Fluctuate on Stock Market Gains, Dollar’s Strength
As of 9:06 am EST, the price of crude had increased by 0.1 percent to reach $77.09 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: Up $0.08
Morning projection (for Thursday’s average price per gallon): Down $0.02
Gains in global stock markets [...]
Oil Prices Surge on Strong Euro
As of 9:06 am EST, the price of crude had risen by 2.5 percent to reach $76.01 a barrel and the price of heating oil had climbed by 2.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: No Change
Morning projection (for Wednesday’s average price per gallon): Up $0.04
As Europe’s finance ministers worked [...]
Oil Prices Steady as Presidents’ Day, Lunar New Year Close Markets
As of 9:39 am EST, the price of crude had risen by 0.2 percent to reach $74.26 a barrel and the price of heating oil had was unchanged.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Down $0.04
Morning projection (for Tuesday’s average price per gallon): No Change
With markets closed in the US because [...]
Oil Prices Drop as China Cuts Lending
As of 9:04 am EST, the price of crude had declined by 1.7 percent to reach $74.01 a barrel and the price of heating oil had fallen by 1.4 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: Up $0.01
Morning projection (for Monday’s average price per gallon): Down $0.03
A move by China’s central [...]
