Heating oil futures 'little changed'

23/09/2009

A report from the American Petroleum Institute (API) has shown that heating oil futures are "little changed".

For the week ending September 18th, distillate stocks, including diesel fuel and heating oil, fell 1.9 million barrels. The forecast had been for an increase of 1.4 million barrels, reports Reuters.

Gasoline stocks also defied the forecast for a 400,000 barrel increase, the API reported, instead jumping 3.8 million barrels.

Phil Flynn, an analyst at PFGBest Research in Chicago, said: "The API report is a mixed bag, with crude inventories up and distillate stocks down. It's seasonally unusual to see crude stocks increase at this time.

He added that inventories this year have been moving in a far-from-usual fashion.

The API has close to 400 corporate members from all areas of the industry - from small independents to the most well-known oil companies - and is the only national trade association in the US.