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Written by Kim Bardsley
Wholesale heating oil prices continued to rise during the Asian trading session this morning (December 24th) as buyers reacted to the latest demand report from the Energy Information Administration (EIA).
According to the latest figures from the government group, there was a drawdown in all energy stocks measured, with crude and distillate fuels registering particularly large reductions alongside falls seen gasoline and propane inventories.
Prices were also supported yesterday by an abeyance in the rise of the US dollar, analysts said.
Speaking to Reuters, Emori, a fund manager at Tokyo-based Astmax Co, commented: "The EIA data were much more positive than the market had expected, so many factors are now quite bullish. I think the market is heading toward the upside."
Crude oil prices also rose alongside heating oil yesterday, with the headline contract on the New York Mercantile Exchange closing for the day above $76 (£47.50) a barrel.
Meanwhile, heating oil prices broke through the $2-a-gallon barrier and continued to make gains this morning.
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