Oil Prices Steady After Large Gains

As of 9:13 am EDT, the price of crude had dipped by .01 percent to reach $77.57 a barrel and the price of heating oil had declined .11 percent.

HEAT USA Price Report

Today’s average retail heating oil price per gallon: Up $0.08
Morning projection (for Monday’s average price per gallon): Down $0.03

After repeated gains prices of crude and heating oil were stable Friday morning as investors confronted inventories of crude oil and refined products, such as heating oil, that remain high even in spite of recent drawdowns. Crude oil prices are hovering near $77, not far off the yearly high of $78.17 reached early on Friday. Economic optimism and a weak dollar have led oil prices’ rally, not fundamentals of supply and demand. While supply is only one factor affecting the price of crude and heating oil, investors looking at inventories are much less bullish than those looking at general economic indicators.

HEAT USA price experts report that the price of heating oil is responding to inventories that are much higher than at this time last year, and in the absence of other positive economic data could continue to weigh down heating oil prices.