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Royal Dutch Shell plc Message Board

  • vpower_shell vpower_shell Jan 14, 2013 11:15 PM Flag

    Heating Oil Gains on Colder Weather Outlook and Export Demand

     

    Heating Oil Gains on Colder Weather Outlook and Export Demand
    By Barbara Powell - Jan 14, 2013 9:55 AM ET

    Heating oil gained on speculation that cold weather in the U.S. will boost demand for the fuel and higher gasoil prices in Europe will attract shipments.

    Futures rose for the first time in three days as the National Weather Service’s Climate Prediction Center estimated temperatures will be lower than normal across the Northeast from Jan. 19 through Jan. 27. Gasoil rallied in Europe as the cold deepened across the continent.

    “This time of the year it’s supported by colder weather,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston. “Gasoil tends to draw up heating oil since Europe is a large importer of U.S. distillate.”

    Heating oil for February delivery rose 3.03 cents, or 1 percent, to $3.0388 a gallon at 9:37 a.m. on the New York Mercantile Exchange. Volume was 3.9 percent above the 100-day average.

    Temperatures in Frankfurt are forecast to drop to minus 6 degrees Celsius (21 Fahrenheit) on Jan. 19 from minus 1 today. Germany is Europe’s largest heating oil market, according to data from CustomWeather Inc. Freezing weather is also predicted for London, Paris and Amsterdam this week, according to weather forecasts compiled by Bloomberg.

    Gasoil for February delivery rose $13.75, or 1.5 percent, to $953.50 a metric ton on the ICE Futures Europe exchange in London.

    The February heating oil crack spread, or premium of heating oil over West Texas Intermediate crude on Nymex, jumped $1.04 to $33.83 a barrel.

    Gasoline for February delivery rose 0.46 cent to $2.7441 a gallon on the exchange.

    The average nationwide retail price for regular gasoline fell 0.3 cent to $3.304 a gallon, AAA said today on its website. That’s the third consecutive decline.

    Sentiment: Strong Buy

    This topic is deleted.
 
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