Heating Oil Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Heating Oil Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Heating Oil Futures, Oil, Gasoline Rise To Records On Supply Concern May 8th, 2008Crude oil rose above $124 a barrel for the first time, and gasoline and heating oil also touched records, on forecasts for stronger demand for distillate fuels, which include heating oil and diesel. ``There's huge diesel demand growth in Asia, which is going to keep pressure on supplies,'' said James Ritterbusch, president of Ritterbusch & Associates, in Galena, Illinois. ``Whenever there's a big rise in one energy market there's an impact on the psychology of the other markets. Also, demand for crude oil will rise as refiners boost distillate output.'' Oil jumped above $123 a barrel yesterday after a government report showed that U.S. distillate-fuel inventories and refinery operations fell last week. Crude oil for June delivery climbed 16 cents to settle at $123.69 a barrel at the 2:46 p.m. on the New York Mercantile Exchange, the highest close since trading began in 1983. Prices reached a record $124.61 a barrel today. Futures are double the level of a year ago. Distillate stockpiles declined 107,000 barrels to 105.7 million, the Energy Department reported yesterday. A 1.1 million- barrel decline was forecast, according to the median of 13 estimates in a Bloomberg News survey. Heating Oil Heating oil for June delivery climbed 6.25 cents, or 1.8 percent, to $3.5098 a gallon in New York, the highest close since trading began in 1978. The contract reached $3.5310 today, a record intraday price. Some traders use heating-oil futures to hedge their diesel and jet-fuel purchases. Gasoline futures for June delivery rose 1.96 cents, or 0.6 percent, to close at a record $3.1378 a gallon in New York after reaching an intraday record of $3.1545 a gallon. ``A combination of tight supplies, the weak dollar and investors searching for value in this unstable economic climate have fueled the rally,'' said Rachel Ziemba an analyst at RGE Monitor, an economic research company in New York. ``The dynamic we are looking at is that of oil behaving as a financial asset.'' The euro rose from an eight-week low against the dollar after ECB President Jean-Claude Trichet said inflation remains the bank's top priority, signaling policy makers won't cut interest rates soon. The euro climbed 0.2 percent to $1.5415 at 2:20 p.m. in New York, erasing earlier losses that drove it as low as $1.5285. ``The bull market isn't over,'' said Peter Beutel, president of energy consultant Cameron Hanover Inc. in New Canaan, Connecticut. ``We had a number of stories over the last week that were bearish and ignored by the market, and I don't expect this cherry picking of the news to end anytime soon.'' Brent crude oil for June settlement rose 52 cents, or 0.4 percent, to $122.84 a barrel on London's ICE Futures Europe exchange, the highest close since trading began in 1988. The contract touched $123.92 today, an intraday record. - Mark Shenk in New York at Bloomberg. Click here for your Free Heating Oil Futures Trading eGuide |
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