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Written by Bob Burton
Heating oil prices rose in electronic trading on the New York Mercantile Exchange this morning (December 23rd) following a report indicating improved demand for crude products in the US.
The American Petroleum Institute's weekly inventories report showed an unexpectedly large drawdown in crude and gasoline stocks, suggesting an improvement in demand for the fuels.
Heating oil stocks have also depleted in recent weeks as a cold snap has moved over the eastern states of the US, sparking a flurry in seasonal buying activity.
Crude oil prices have also climbed this week, with support coming from industry-specific data and an improvement in macroeconomic conditions.
Speaking to Bloomberg, Toby Hassall, a research analyst at CWA Global Markets in Sydney, said that consistently stronger data has helped to lift the mood on trading floors around the globe.
"The psychology has changed significantly. There are increasing signs of recovery in the key market, the US," he reflected.
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