Heating oil climbs with crude

20 October 2009

Heating oil prices climbed during trading on the New York Mercantile Exchange yesterday (October 19th), supported by strong corporate earnings reports from the US.

The demand for commodities such as heating oil and crude grew at the start of the week's trading after another slew of strong third-quarter earnings reports from some of America's largest companies.

Indeed, during the day's trading, crude oil prices climbed to $79.69 (£48.58) a barrel, a level not seen since October 14th 2008.

Speaking to Bloomberg, Phil Flynn, vice-president of research at PFGBest in Chicago, commented: "If the stock market continues to rally and the dollar continues weak, there's no reason we couldn't pop."

If the rise in wholesale crude and heating oil prices is sustained, it is possible that this will translate into higher domestic heating costs.

For those who wish to insulate themselves against potential price rises, buying heating oil in bulk maybe an effective way to do so.

Click here for a home heating oil quote.