Heating Oil Price Trend for February 19: +4¢
Inventory numbers and a weak dollar combined to drive up the price of crude and heating oil on Thursday. The EIA’s inventory data was somewhat mixed, with crude oil stockpiles rising by 3.1 million barrels, but oil markets took more notice of the drop in distillate supplies. Distillates, which include heating oil and diesel, fell by 2.9 million barrels, roughly twice as much as what was expected. A weak dollar—weighed down by news that new jobless claims had risen last week—helped traders see the upside to oil prices, since a weak dollar makes dollar-priced commodities, such as heating oil and crude oil, cheaper for investors.
Today’s average retail heating oil price in the Northeast is 4 cents higher than Thursday’s average price.