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08 Feb 2007 Heating oil supplies fall
Figures reports larger than anticipated dip in heating oil supplies, as oil prices return to relatively high levels.
According to statistics from the US government distillate stocks, used to make heating oil, recently fell by 3.7 million barrels last week. This is notably more than the anticipated decline of three million to 3.2 million barrels.
It is thought that falling stock levels and anticipated cold weather could make this the ideal time to stock up on domestic heating oil supplies, as demand continues to rise in line with dropping temperatures.
Meanwhile crude oil supplies have fallen by 400,000 barrels alongside an increase in gasoline stocks of 2.6 million barrels. Many analysts had been expecting an increase in crude supplies of 1.4 million barrels.
It was recently reported that heating oil prices have remained resilient, with end user prices staying fairly steady despite the cold weather. However prices could be due for an increase if the cold weather ensues.
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