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heating oil futures

May 20th, 2014

Heating oil futures rose, reversing an earlier decline, on speculation demand will climb from a six-month high and as U.S. exports rise.

Futures climbed as much as 0.6 percent in New York. Demand for distillates in the four weeks ended May 9 was 4.09 million barrels a day, the highest level since November, according to government data. That may reach 4.5 million this week as export flows are forecast to increase, according to Energy Analytics Group Ltd., a fund adviser.

“Demand is already exceptionally high and exports are growing dramatically,” said Tom Finlon, director of Energy Analytics in Jupiter, Florida. “It’s very good for diesel.”

Ultra low sulfur diesel for June delivery advanced 1.25 cents, or 0.4 percent, to $2.9534 a gallon at 12:59 p.m. on the New York Mercantile Exchange. The fuel’s crack spread versus West Texas Intermediate crude swelled 72 cents to $21.63 a barrel while the motor fuel’s premium to European benchmark Brent crude oil gained 7 cents to $14.05.

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January 24th, 2014

Diesel futures rose for a third day as frigid weather across the northeast U.S. boosted demand for heating fuel and spurred more oil-fired power generation with distillate inventories in the New York Harbor area at the lowest level in almost six years.

Prices climbed as colder temperatures will grip most of the eastern U.S. and Canada through the start of February. The region is expected to have readings about 8 degrees Fahrenheit (4 Celsius) below normal through Feb. 2, said Matt Rogers, president of Commodity Weather Group LLC in Bethesda, Maryland. ISO New England said oil-fired plants accounted for one-quarter of the region’s power today.

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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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February 7th, 2013

Heating oil rose futures to the highest level since October as seasonal refinery maintenance limits supplies. Gasoline’s March-April spread weakened a sixth day.

Heating oil climbed 0.7 percent, and the March crack spread widened $1.14 to $38.32 a barrel versus West Texas Intermediate and 36 cents to $17.43 versus Brent. March gasoline’s discount to April increased 0.9 cent to 19.14 cents a gallon. Supplies of the motor fuel in the area around New York Harbor jumped 12 percent last week, government data show.

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January 18th, 2013

Heating oil gained on forecasts for colder-than-normal weather in the U.S. Northeast next week at a time when supplies of the fuel are declining.

Heating oil futures rose as temperatures in the Northeast and eastern Canada are expected to fall 8 to 14 degrees below normal from Jan. 23 to 27, according to MDA Weather Services in Gaithersburg, Maryland. East Coast heating oil supplies fell a fifth consecutive week through Jan. 11 and are 42 percent below a year earlier, data from the U.S. Energy Information Administration show.

“Heating oil continues to be supported by cold weather in the U.S. and Europe,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.

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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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December 13th, 2012

Heating oil futures gained as U.S. stockpiles of distillate fuels were at the lowest seasonal level since 2000.

Distillate inventories, including heating oil and diesel, rose 2.99 million barrels to 118.1 million last week. Stockpiles are at the lowest seasonal level since 2000.

“Distillate levels are still at the lower end of the range for this time of the year but gasoline inventories are improving,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.

Heating oil for January delivery gained 0.6 cent to $2.9728 a gallon at 10:20 a.m. on the New York Mercantile Exchange.

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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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