Heating Oil Futures Reach 27-Month High on U.S. Northeast Snow
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Heating oil futures surged to a 27-month high on speculation that snowstorms in the U.S. Northeast will increase demand for heating fuel.
Heating oil gained a third day as a storm that dropped more than 9 inches of new snow on New York City pounded Boston with blizzard conditions, disrupting travel and prompting Massachusetts’ governor to declare a state of emergency. The Energy Department reported that heating oil stockpiles fell 1.8 percent last week to a seven-month low.