Heating Oil Price Trend for January 4: +1¢
Cold weather kept heating oil prices on the rise, as low temperatures throughout the US Northeast point to growing heating oil demand. Distillate inventories, which include heating oil and diesel, have dropped for six weeks in a row as winter has set in. These cuts in inventories have boosted heating oil prices in recent weeks, even though stockpiles of distillates still remain well above average. Heating oil’s surge on NYMEX has supported higher crude oil prices, as well, as the price of crude oil closed out the year 71 percent higher than it had started.
Today’s average retail heating oil price in the Northeast is 1 cent higher than Thursday’s average price.