Heating Oil Hits 4-Month High as Blizzard Boosts Demand
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Heating oil rose to the highest level in almost four months on speculation that a snowstorm in the U.S. Northeast will boost demand for distillates and drain stockpiles on the East Coast.
Futures advanced as the National Weather Service issued blizzard warnings that stretched from Maine to New Jersey, and winter storm warnings and advisories reached south to Virginia and west to Michigan. The storm may increase demand for East Coast distillate supplies, which are at a 10-year seasonal low.