Heating Oil Price Trend for October 30: +6¢
Data showing economic growth in the US fuelled optimism about economic recovery and sent oil prices upward on Thursday. After four quarters of decline, US GDP rose by 3.5 percent, outperforming expectations and convincing some that the recession had ended. However, economic growth has yet to lead to higher oil demand, as evidenced by brimming stockpiles of all oils; distillate fuels, which include heating oil and diesel, are 29 percent above their five-year average. The fundamentals of supply and demand had a renewed impact on Friday morning, and have led to a decline in the price of crude and heating oil.
Today’s average retail heating oil price in the Northeast is 6 cents higher than Thursday’s average price.