( From HeatingOil.com, By Josh Garrett)
Storage tanks filled to the brim with crude oil in Cushing, OK helped drive down oil prices at the NYMEX on Thursday.
Oil prices sunk at the NYMEX on Thursday, weighed down by renewed concerns over a US crude oil supply overhang and indications of a still-struggling American economy. A new focus on the huge quantities of crude oil stored at the NYMEX facility in Cushing, Oklahoma and future supply increases from Canada drove down the price of crude. Negative economic data weighed heavily on crude and heating oil prices: the US saw 51,000 new unemployment claims last week after analysts had predicted a scant 1,000 and durable goods orders declined by 2 percent in December. Both bits of data were considered signs of a still-shaky economic recovery in the US that undermines short- and medium-term demand increases. At the NYMEX on Friday morning, oil prices were increasing sharply in response to news that the US economy expanded by 3.2 percent in the final quarter of 2010.
The average retail heating oil price in the Northeast is 1 cent lower per gallon than Thursday’s average price.
Source link: http://www.heatingoil.com/blog/heating-oil-price-trend-for-january-28-1%c2%a20128/
