Heating Oil Price Trend for February 8: -5¢
(image: 2.bp.blogspot.com and Nicholas Whitaker via heatingoil.com)
Worries about the pace of US economic recovery caused crude and heating oil prices to decline on Friday. Even a drop in the unemployment rate did not convince investors that the economy was poised for growth that would generate increased industrial and transportation activity (both of which require lots of oil) that would bring down oil inventories that remain well above average. The dollar strengthened on Friday as well, further suppressing oil prices. Commodities prices in dollars, like crude oil and heating oil futures, tend to fall when the dollar is strong because it makes those commodities more expensive for investors holding other currencies.
Today’s average retail heating oil price in the Northeast is 5 cents lower than Friday’s average price.
