Crude Hovering Near $47 Mark in Anticipation of New U.S. Supply Data

Crude and heating oil prices are showing small ups and downs this morning, but both were just fractions of a percentage point away from their Tuesday closing prices as of 9:29 am eastern time.  The Department of Energy’s information arm, the Energy Information Administration, will release weekly data on U.S. stockpiles of petroleum products at 10:35 am eastern time, with most analysts expecting moderate increases in stockpile numbers for crude oil, gasoline, and distillates, which include heating oil.

According to CNBC.com, a Reuters survey predicted increases of 1.7 million barrels of crude oil, 300,000 barrels of distillates, and 900,000 barrels of gasoline.  Stockpile increases by larger-than-predicted margins could drive prices lower today, while smaller-than-expected increases or overall decreases could drive prices higher.

HEAT USA price experts announced a slightly larger reduction in retail heating oil prices than was projected yesterday evening, and predicted minimal price changes for tomorrow, barring inventory numbers vastly off predicted levels.

HEAT USA Price Report
Today’s average retail heating oil price per gallon: DOWN $0.02 to $0.04
Morning projection (for Thursday’s average price per gallon): UP $0.01