Heating Oil Price Trend for July 29: No Change
Oil prices stayed even on Wednesday despite higher inventories of crude oil and heating oil. (image: Nicholas Whitaker for HeatingOil.com)
Negative economic news in the US and reports of higher oil inventories failed to have a significant impact on crude oil and heating oil prices. Oil prices fell slightly on the NYMEX, but not enough to make a difference in the retail market. Orders for durable goods fell in June, according to the Commerce Department, the second month of declining orders in a row. The EIA, in its weekly inventory report, showed a surprising 7.3-million-barrel increase in crude oil inventories, as well as an increase of 900,000 barrels in supplies of distillates, which include heating oil and diesel. However, oil traders shrugged off the large buildup of crude oil, saying that Tropical Storm Bonnie changed the timing of oil deliveries and that the growth in oil inventories did not reflect changes in oil fundamentals.
Today’s average retail heating oil price in the Northeast unchanged from Wednesday’s average price.
