Heating oil gains on forecasts for colder weather in Northeast

HEATING OIL GAINED on colder-than-normal weather forecasts for the Northeast.
Posted 1/18/13

DALLAS - 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.

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.

Heating oil for February delivery rose 1.43 cents, or 0.5 percent, to $3.0355 a gallon at 9:45 a.m. on the New York Mercantile Exchange. Volume was 21 percent above the average of the past 100 days.

The premium of February delivery futures over the March contract increased 0.38 cent to 1.05 cents a gallon. The increasing backwardation can indicate greater demand for near- term delivery or tighter supply.

The National Weather Service’s Climate Prediction Center estimated lower-than-normal temperatures in the U.S. Northeast from Jan. 23 to Jan. 27.

Gasoline for February delivery slipped 0.1 cent to $2.7674 a gallon on the exchange. Volume was 11 percent below the average.

The retail price for regular gasoline, averaged nationwide, rose 0.1 cent to $3.293 a gallon, AAA said today on its website. That’s the first increase in seven days.

PBN Hosted

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News