Crude and heating oil prices rose slightly on both the NYMEX on Thursday, but not enough to lift the current retail oil prices. Beginning on Thursday, oil prices were governed by the recent report of an increase in U.S. petroleum inventories and concerns about the ability of Ireland to pay his debts. But the unexpected announcement of a refinery in New Jersey to close for one month to install new equipment outweigh these concerns and has led to oil prices ended the day higher. According to Bloomberg, “You can plant 145,000 barrels per day of gasoline and 110,000 barrels per day of distillate. Despite a dip in U.S. production of both products, oil stocks continued to record high levels, and will continue to reduce crude and product price increases in the medium term. This morning, oil prices have raised dots on optimistic economic news from Germany, but assuming that this week the mix of positive and negative news, the price of oil could both directions during the trading day.
source:heatingoil
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