Heating Oil Extends Gain After Report Supplies Shrank Last Week

Heating oil futures extended gains after the Energy Department reported distillate stockpiles fell more than expected last week.

The government said inventories of heating oil and diesel declined 2.35 million barrels to 139.1 million in the seven days ended Dec. 16. The median estimate of 12 analysts surveyed by Bloomberg News called for a 750,000-barrel drop.

January-delivery heating oil gained 5.69 cents, or 2 percent, to $2.9063 a gallon at 10:40 a.m. on the New York Mercantile Exchange. Prices were $2.8982 before the report’s release at 10:30 a.m. in Washington.

The government said gasoline inventories fell 412,000 barrels to 218.4 million in the week ended Dec. 16. Analysts forecast a 1.5 million-barrel increase, according to the survey.

Gasoline for January delivery rose 3.68 cents, or 1.4 percent, to $2.6155 a gallon, from $2.5983 before the report.

To contact the reporter on this story: David Marino in New York at dmarino4@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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