EIA: Heating oil falls for ninth straight week

19/03/2009

Weekly price and demand data from the Energy Information Administration has shown that residential heating oil prices fell for the ninth straight week in the US.

The Energy Information Administration (EIA) has recorded another weekly fall in residential heating oil prices across the US, marking the ninth successive week of price drops.

In its weekly energy roundup, the Energy Department body announced that average heating oil prices fell to $2.16 (£1.50) by March 16th, down 2.2 cents on the previous week.

Meanwhile, wholesale heating oil prices also dropped to $1.28 a gallon, down 3 cents on the week and $1.28 cents on the same time a year ago.

This is the lowest level that heating oil prices have plumbed this heating season, the EIA confirmed.

Data from the group also showed a rise in crude stockpiles, a development that was widely anticipated by investors and analysts polled by Bloomberg earlier this week.