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March 8th, 2013
Heating oil fell as Brent prices declined after flows increased on a North Sea pipeline that had been shut for five days.
Heating oil futures sank as much as 1 percent. Brent dropped $1.17 to $109.98 a barrel on ICE Futures Europe Exchange in London. since Dec. 26. The Brent Pipeline System is “approaching” its targeted flow rate of 80,000 barrels a day, an official for Abu Dhabi National Energy Co., or Taqa, said by phone today. The system had an unplanned halt on March 2. Heating oil’s premium to Brent grew a fourth day, gaining 48 cents to $14.47 a barrel.
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January 3rd, 2013
Heating oil slipped on a forecast for warmer weather for the U.S. Northeast, curbing household demand for the fuel.
Heating oil futures declined as much as 1.3 percent as the National Weather Service’s Climate Prediction Center estimated temperatures will be higher than normal for the Northeast from Jan. 8 through Jan. 16.
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December 27th, 2012
Heating oil advanced on forecasts for colder weather in the U.S. Northeast and for a decline in distillate inventories from the lowest seasonal level in 12 years.
Heating Oil futures rose as the National Weather Service’s Climate Prediction Center predicted below-normal temperatures in the Northeast from Jan. 1 to Jan. 9. The Energy Department will probably report tomorrow that heating oil and diesel supplies declined 1 million barrels last week to 116 million, according to the median estimate of nine analysts in a survey by Bloomberg.
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Heating oil futures drop
December 10th, 2012
Heating oil futures tumbled to a four-month low as forecasts for mild temperatures indicated weaker demand for the home heating fuel.
Heating oil fell 0.7 percent after Commodity Weather Group LLC in Bethesda, Maryland, predicted normal or warmer-than-normal weather in most of the lower-48 states through Dec. 24. The low in New York on Dec. 15 may be 40 degrees Fahrenheit (4 Celsius), 8 higher than the usual reading, according to AccuWeather Inc. in State College, Pennsylvania.
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Heating oil futures fall
December 3rd, 2012
Heating oil futures and gasoline declined as U.S. manufacturing contracted in November and amid concern that leaders in Washington will reach an impasse on budget talks.
Futures fell after the Institute for Supply Management’s factory index slid last month to the lowest level since July 2009. The U.S. is facing a so-called fiscal cliff of automatic spending cuts and tax increases. Futures gained earlier as China’s factory output reached a seven-month high.
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October 30th, 2012
Heating oil futures and gasoline retreated on Tuesday on expectations that demand for fuel will be sharply depressed in the aftermath of destructive Hurricane Sandy.
At least 7.3 million homes and businesses on the U.S. East Coast were without power after Sandy came ashore in New Jersey late on Monday, tearing down power lines and flooding electrical networks.
With the November futures contract expirations approaching on Wednesday, front-month RBOB gasoline fell 6.13 cents to $2.6955 a gallon by 10:05 a.m. EDT (1405 GMT), having dropped as low as $2.6916.
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September 5th, 2012
Heating oil futures fell as Gulf Coast refineries started up after Hurricane Isaac last week knocked out 13 percent of the region’s fuel-making capacity.
Heating oil sank to a one-week low on speculation that production will increase, rebuilding supplies that dropped as flooding, power losses and disruption of crude oil supplies shut seven refineries and reduced output at four others. Valero Energy Corp. said most production units are back online today at its two Louisiana refineries.
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heating oil gains
August 3rd, 2012
Heating oil futures and gasoline gained as U.S. payrolls rose more than estimated in July and a sagging dollar boosted the investment appeal of commodities.
Gasoline futures rose after payrolls climbed 163,000, more than the 100,000 median estimate of 89 analysts in a survey by Bloomberg. The dollar fell against the euro after members of German Chancellor Angela Merkel’s coalition signaled they won’t oppose European Central Bank President Mario Draghi’s plan to buy government bonds to ease the region’s debt crisis.
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June 19th, 2012
Heating oil futures rose on speculation that the Federal Reserve will act to stimulate the economy and the result will be stronger fuel demand.
Futures gained as Fed policy makers begin a two-day meeting today. The central bank’s so-called Operation Twist plan, which involves selling short-term debt and buying longer-term bonds, is set to end this month. Heating oil is traded as a proxy for diesel.
“The market seems to be pricing in at least an extension of Operation Twist,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “We expect some action from the Fed. The question is the degree.”
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February 7th, 2012
Heating oil futures surged to the highest level since May as colder weather in Europe boosted gasoil futures.
Heating oil futures gained as front-month gasoil’s premium to the second-month contract, a price structure known as backwardation, increased to the widest in almost a month amid colder weather in Europe that has increased demand for home-heating fuel.
“Because of the cold weather in Europe, the thought is that some of our heating oil would get displaced to Europe,” said Phil Flynn, vice president of research at PFGBest in Chicago.
Heating oil futures for March-delivery rose 2.36 cents, or 0.7 percent, to $3.1943 a gallon at 11:13 a.m. on the New York Mercantile Exchange. Prices touched $3.2208, the highest intraday level since May 3.
February gasoil rose $8 to $996.25 a metric ton on the ICE Futures Europe exchange in London. The contract traded at as much as $2.25 a metric ton more than March, the biggest spread since Jan. 12. The difference was $1 as of 11:14 a.m. in New York.
“You’ve probably got a squeeze going on over there with the cold weather,” said Fred Rigolini, vice president of Paramount Options Inc. in New York.
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