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Written by Bob Burton
Heating oil prices rose during electronic trading this morning after positive demand figures.
Heating oil prices climbed yesterday and have continued upwards this morning (December 16th) after a report from the American Petroleum Institute (API) showed a substantial drawdown in distillate inventories, indicating that winter demand is finally picking up in the US.
In recent weeks, the commodity has moved lower after a series of weekly announcements from both the API and the Energy Information Administration showing that the typical peak in demand during the winter season is yet to be seen in inventory shortfalls.
Demand for crude oil has also been weak as stagnation in industrial output and commercial transport has caused stocks of the fuel to build.
Speaking to Reuters about the turnaround in both crude and heating oil prices seen yesterday and this morning, David Moore, a commodity strategist with the Commonwealth Bank of Australia, said: "We think that the rebound in oil prices is sustainable, as the factors that underpinned gains in the past few weeks will remain in place - that the global economic recovery is underway."
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