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The wholesale cost of heating oil remained flat on the New York Mercantile Exchange yesterday (October 26th) while crude oil tumbled below $80 (€53) a barrel.
Although heating oil prices tend to fluctuate in line with movements in crude prices, the rise in seasonal demand for the home heating fuel may have been one factor that helped prevent a slump yesterday.
Heating oil has enjoyed a rally in New York in recent weeks, tracking gains made by crude that culminated in the latter achieving a year-high price of $82 a barrel on October 21st.
However, crude oil prices have retreated in subsequent sessions as the dollar strengthened in value against competing global currencies such as the euro, sterling and yen.
Stephen Schork, president of consultant Schork Group, told Bloomberg: "This is dollar play ... If you get a sustained rally in the dollar, oil is going to fall below $60 [a barrel]."
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