Markets

Morning Heating Oil Market Report for 11/18/2010

December heating oil traded higher during the initial morning hours, helped by a possible resolution to the Irish debt saga, a weaker US Dollar and Wednesday's favorable EIA inventory report. Additionally, there was talk this morning that PetroChina boosted diesel imports in an attempt to ease shortages, and that may be a factor that could help to work through surplus distillate supplies in the US. EIA distillate stocks fell 1.110 million barrels and stand at 8.605 million barrels below last year and 22.064 million barrels above the five year average. Distillate imports came in at 87,000 barrels per day compared to 180,000 barrels the previous week. Average total distillate demand for the past four weeks was up 13.88% compared to last year. Meanwhile, EIA heating oil stocks rose 599,000 barrels and are now 94,000 barrels above last year and 674,000 above the five year average.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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