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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 25th, 2012

Gasoline futures gained, outperforming heating oil and crude, on speculation that refinery closures in North America and Europe may make summer-blend gasoline inventories tight along the U.S. East Coast.

Unleaded gasoline futures rose after the U.K.’s Coryton refinery stopped operating, at least the sixth plant European plant to close since the start of 2011. Hovensa LLC’s St. Croix refinery in the U.S. Virgin Islands is shut and Monroe Energy LLC isn’t expected to open the idled Trainer, Pennsylvania, refinery in time for the summer driving season.

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November 21st, 2011

Heating oil futures slid below $3 a gallon as stocks fell on speculation that a deficit impasse will force $1.2 trillion in automatic U.S. spending cuts and that Europe’s debt crisis threatens global economic recovery.

Heating oil futures fell to a four-week low as a congressional debt-reduction panel is expected to say it can’t reach agreement. Josef Ackermann, chief executive officer of Deutsche Bank AG, said Europe needs a “firewall” to keep the debt crisis contained and should increase the size of a rescue fund.

“The overall weakness is due to the equity market,” said Fred Rigolini, vice president of Paramount Options Inc. in New York. “There’s problems with Congress here passing a debt resolution and concerns about Europe.”

Heating oil futures for December-delivery fell 3.82 cents, or 1.3 percent, to settle at $2.9943 a gallon on the New York Mercantile Exchange, the first settlement below $3 a gallon since Oct. 19.

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November 4th, 2011

Heating oil futures advanced after the Labor Department reported that the U.S. jobless rate fell last month to the lowest level since April.

Heating oil futures gained as the unemployment rate dropped to 9 percent in October from 9.1 percent the previous month. Payrolls rose by 80,000 and followed gains in the prior two months that were revised up by 102,000, Labor Department figures showed.

“The jobs number was not a blockbuster, but it was the type of report that seems to suggest the economy is not in a recession,” said Phil Flynn, vice president of research at PFGBest in Chicago. “There’s also concerns coming out of the G-20 and still a lot of uncertainty how all that is going to play out.”

Heating oil futures for December-delivery rose 2.21 cents, or 0.7 percent, to $3.0602 a gallon at 11:38 a.m. on the New York Mercantile Exchange.

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