Heating oil gains in morning trade

13/02/2009

Heating oil prices have risen a fraction of a cent during after-hours trading on the New York Mercantile Exchange (Nymex), continuing gains made yesterday (February 12th).

By 5:35 Eastern Time, the exchange's main heating oil future was trading $1.3272 (91.27p) a gallon, up 0.54 cents on its opening price.

This matched the gain made yesterday, when heating oil prices finished up 0.54 cents at $1.3218 a gallon.

Fractional gains made in heating oil prices came as crude prices rose moderately on the Nymex, having yesterday lost around five per cent of its value.

As prices fell, major oil exploration companies operating in the UK North Sea headed to London to plead for a tax break to allow them to keep production going during this time of subdued demand and prices.

The group of industry chiefs warned that as many as 50,000 jobs could be at stake in the UK's energy industry as a result of weak demand.