Heating Oil Price Trend for March 8: +3¢
February jobs numbers in the US came out better than expected, as the economy lost fewer jobs than analysts had anticipated. The jobs report encouraged oil traders that the economy was improving, and oil prices rose sharply on Friday morning. The morning’s price spike for heating oil led to a midday price increase of 4 cents, but the market moderated as the day progressed and heating oil prices ended only 3 cents higher than they began on Friday, 1 cent down from their midday peak.
Today’s average retail heating oil price in the Northeast is 3 cents higher than Friday’s average price.