Heating oil prices rise as demand grows - 05/01/2010
Heating oil prices have continued to rise this morning as demand grows amid colder temperatures.
On the New York Mercantile Exchange this morning (January 5th), wholesale heating oil prices climbed as speculation grows that demand for the product will rise even further during cold weather across Europe and North America.
The February-delivery heating oil contract reached around $2.20 (£1.36) a gallon, while crude oil approached $82-a-barrel - a near 14-month high.
Sydney-based analyst at CWA Global Markets told Bloomberg: "It has been a cold winter across a lot of the Northern Hemisphere, which has boosted demand for heating fuels and is expected to draw down the ample distillate stockpiles."
The US Energy Information Administration is expected to publish inventories data for last week tomorrow, with many traders anticipating large drawdowns in heating oil, propane, gasoline and crude oil stocks.
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