Heating Oil Declines After Report Supplies Increased Last Week
February 08, 2012, 11:16 AM ESTBy David Marino
Feb. 8 (Bloomberg) -- Heating oil futures fell after the Energy Department reported distillate stockpiles rose unexpectedly last week.
The government said inventories of heating oil and diesel increased 1.17 million barrels to 146.6 million in the seven days ended Feb. 3. The median estimate of 10 analysts surveyed by Bloomberg News called for an 875,000-barrel decrease.
March-delivery heating oil fell 0.94 cent, or 0.3 percent, to $3.1815 a gallon at 10:49 a.m. on the New York Mercantile Exchange, from $3.193 before the report’s release at 10:30 a.m. in Washington.
The government said gasoline inventories rose 1.63 million barrels to 231.8 million in the week ended Feb. 3. Analysts forecast an 875,000-barrel increase, according to the survey.
Gasoline for March delivery rose 1.85 cents, or 0.6 percent, to $2.946 a gallon. Prices were $2.9406 before the report.
--Editors: David Marino, Charlotte Porter
To contact the reporter on this story: David Marino in New York at dmarino4@bloomberg.net
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net
