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Written by John King
The cold weather that has caused havoc across much of Europe and North America has failed to have a substantial impact on demand for heating oil and similar fuels, new figures reveal.
According to the latest report from the Energy Information Administration (EIA), refiners in the US slashed output last week in response to persistently anaemic demand over the winter heating season.
Crude and heating oil prices rose over the Christmas period as freezing temperatures set in across much of the northern hemisphere, with traders expectant of an improvement in demand.
However, the latest EIA report undermines this logic, suggesting that wider economic weakness is still an inhibitive factor for many fuel buyers.
Speaking to Bloomberg, Mark Pervan, senior commodity strategist at Australia & New Zealand Banking Group Ltd. in Melbourne, commented: "The market would be pretty concerned with refinery rates. It's flagging weaker demand and also that supplies are ample."
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