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Heating oil prices were down fractionally in electronic trading on the New York Mercantile Exchange this morning (November 17th) but were clinging on to the three per cent gain recorded yesterday.
At the close of trading on Monday, the December-delivery heating oil contract settled at $2.032 (€1.35) a gallon, up more than six cents. The gains came as a result of both a weaker dollar and unexpectedly strong consumer spending figures from the US.
Speaking to Reuters, David Moore, a commodities analyst at the Commonwealth Bank of Australia, said the market will now be looking ahead to fuel demand data to be published by the American Petroleum Institute later today.
"The guidance is really going to come from the dollar and the bunch of US economic data due later tonight," he commented.
Meanwhile, traders will also be keen to hear any statements on the weakness of the dollar from Barack Obama as he continues his tour of Asia.
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