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.