Heating oil stocks fell after a cold snap hit the key US consuming Northeast region in January, although pressure on fuel inventories has eased as temperatures in the region have returned to seasonal norms this week.
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Oil Prices Gained, US Stockpiles Declined
Oil prices rose yesterday after the US Energy Department report showing that heating fuel
Oil prices rose yesterday after the US Energy Department report showing that heating fuel and crude inventories declined, but gasoline stocks built ahead of peak summer demand.
US light crude rose 33 cents to $47.45 a barrel on the NYMEX, recovering from a low of $46.45. London Brent crude gained 6 cents to $44.88 a barrel on the IPE.
According to the US government, US inventories of distillate fuels, including heating oil and diesel, fell by a larger-than-expected 2.9 million barrels last week, leaving them 5.7 million barrels below this time last year.
Heating oil stocks fell after a cold snap hit the key US consuming Northeast region in January, although pressure on fuel inventories has eased as temperatures in the region have returned to seasonal norms this week.
Heating oil stocks fell after a cold snap hit the key US consuming Northeast region in January, although pressure on fuel inventories has eased as temperatures in the region have returned to seasonal norms this week.
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