Heating oil drives crude futures up
by Brian Turner
Crude oil prices were up again on Tuesday, with increases driven by a sharp rise in heating oil prices, which are also an indicator of diesel and jet fuel prices.
August delivery heating oil on the New York Mercantile Exchange gained 4.59 cents to a record high of $1.7570 per gallon as fears of fourth-quarter shortages persist even though inventories currently stand at a 6-year high.
Investors, however, question the ability of refiners to build diesel and heating oil stockpiles to sufficient levels to satisfy peak demand in the fourth quarter.
Nymex West Texas Intermediate crude oil for August delivery rose $1 to $59.75 per barrel, while August Brent contracts on the International Petroleum Exchange gained 53 cents to $58.47 per barrel. IPE gasoil gained $10 to $554.50 per metric tonne, a new high.
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