Heating oil steady ahead of EIA figures

24 February 2010

Written by John King

Heating oil futures on the New York Mercantile Exchange were little changed during the Asian trading session this morning and were hovering around the $2.03 (€1.49) a gallon mark as European markets opened.

Crude oil prices were also flat during trading this morning, with traders looking ahead to the publication of the latest demand report from the Energy Information Administration (EIA).

Oil products received a boost towards the end of trading yesterday after a report from the American Petroleum Institute showed a drawdown in crude stocks across the US last week.

This went against analysts' expectations and many are now holding their positions while they await for a confirmation of the rise from the EIA.

The EIA, a subdivision of the US Energy Department, is generally viewed as offering more comprehensive inventory reports and data that is a truer reflection of demand conditions.

If the stock drawdown is confirmed, both crude and heating oil may find support after two days of losses this week.

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