Traders who are short of heating oil futures contracts fear a repeat of the past two weeks when US distillates inventories, including heating oil and diesel, failed to build as expected due in part to soaring domestic consumption and ferocious competition for imports.
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Crude Prices Rose Significantly
Traders who are short of heating oil futures contracts fear a repeat of the past two weeks
Crude oil prices rose yesterday, but still didn?t reach the recent threat of breaking $50, as dealers were expecting government?s report to show a small increase in thin heating oil stocks.
NYMEX light crude futures gained 30 cents to $48.94 a barrel after hitting as high as $50.25 in open-call trade. London?s IPE Brent futures rose 7 cents to $44.45.
Traders who are short of heating oil futures contracts fear a repeat of the past two weeks when US distillates inventories, including heating oil and diesel, failed to build as expected due in part to soaring domestic consumption and ferocious competition for imports.
Traders who are short of heating oil futures contracts fear a repeat of the past two weeks when US distillates inventories, including heating oil and diesel, failed to build as expected due in part to soaring domestic consumption and ferocious competition for imports.
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