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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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January 26th, 2012
Heating oil futures and gasoline gained as the Federal Reserve indicated it will maintain near-zero interest rates to stimulate growth and refiners reduced output to cut supplies.
Heating oil futures rose after Fed officials said yesterday that the benchmark interest rate would stay low until at least 2014. Two refineries in Pennsylvania and one in the U.S. Virgin Islands have been closed because they weren’t profitable.
“The underlying reason products are up continues to be the worries of supplies going forward,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “And there’s the idea that oil prices are going to be supported by easy money.”
Heating oil futures for February-delivery rose 3.43 cents, or 1.1 percent, to settle at $3.0535 a gallon on the New York Mercantile Exchange, the highest settlement since Jan. 12. Gasoline for February delivery rose 1.28 cents, or 0.5 percent, to $2.8466.
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November 11th, 2011
Heating oil futures rose to a six-month high as Italy and Greece are poised to get new leadership and approve austerity measures, easing concern that Europe’s economic crisis will spread, threatening the global recovery.
Heating oil futures advanced as Italy’s Senate approved debt-reduction measures today as a precursor to a new government that may be led by former European Union Competition Commissioner Mario Monti. Lucas Papademos, a former vice president of the European Central Bank, will be sworn in a Greece’s prime minister today.
“People are encouraged about Italy and Greece, feeling this may help prevent a big slowdown in the European economy,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
Heating oil futures for December-delivery rose 2.05 cents, or 0.7 percent, to settle at $3.1716 a gallon on the New York Mercantile Exchange, the highest settlement for the front-month contract since May 3. Futures increased 3.3 percent this week, the third consecutive weekly gain.
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