Heating oil is soaring
Heating oil is soaring
Which is help supporting WTI today. First blast of cold in New England and people have to fill tanks
Re: Heating oil is soaring
U.S. distillate inventories (primarily diesel and home heat oil) are 13% below the 5-year average AND we use a lot more distillates than we did 5-years ago.
I worked for Hess for 18 years. Each year, lots of people that burn oil for space heating wait until the first cold wave of the winter is on the way before buying their first load of oil. As a result, they pay higher prices than if they filled the tank a few weeks earlier.
Oil-based product inventories are VERY TIGHT in the U.S. and in Europe.
I worked for Hess for 18 years. Each year, lots of people that burn oil for space heating wait until the first cold wave of the winter is on the way before buying their first load of oil. As a result, they pay higher prices than if they filled the tank a few weeks earlier.
Oil-based product inventories are VERY TIGHT in the U.S. and in Europe.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group