Bloomberg the Company

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Heating Oil, Gasoline Advance on Chinese and U.S. Economic Gains

Don't Miss Out —
Follow us on:

Dec. 3 (Bloomberg) -- Heating oil and gasoline climbed as factory output in China rose to the highest level in seven months following reports last week of U.S. economic gains.

Futures rose after China’s Purchasing Managers’ Index reached 50.6 in November, according to the National Bureau of Statistics and China Federation of Logistics and Purchasing. U.S. economic growth accelerated in the third quarter, weekly jobless claims fell and pending home resales climbed in October, all signs that fuel demand may increase.

“We’ve been rallying on the economic headlines starting last week with the third-quarter U.S. GDP and now factory orders in China,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.

January-delivery heating oil gained 1.75 cents, or 0.6 percent, to $3.0782 a gallon at 11 a.m. on the New York Mercantile Exchange. Prices fell 0.9 percent last month.

Gasoline for January delivery advanced 1.42 cents, or 0.5 percent, to $2.7445 a gallon on the exchange. Prices were almost unchanged in October.

Gross domestic product grew at a 2.7 percent annual rate in the third quarter, up from a 2 percent prior estimate, revised figures from the Commerce Department showed. Applications for jobless benefits fell by 23,000 to 393,000 in the week ended Nov. 24, according to Labor Department data.

The index of pending home resales climbed 5.2 percent in October, after a revised 0.4 percent gain in September, the National Association of Realtors reported.

Growth Support

“Growth in the Chinese and U.S. economies is supporting prices,” Lipow said.

Futures trimmed gains after the Institute for Supply Management’s U.S. factory index fell to 49.5 in November, the lowest since July 2009, from 51.7 in October, the Tempe, Arizona-based group said today.

“You have a lot of supportive data,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “The ISM just slowed the momentum.”

The average nationwide cost for regular gasoline fell 0.4 cent to $3.387 a gallon, AAA said today on its website. That’s the lowest average since July 11. The pump price reached a 2012 high of $3.936 on April 4.

-- Editors: Charlotte Porter, Richard Stubbe

To contact the reporter on this story: Barbara J Powell in Dallas at

To contact the editor responsible for this story: Dan Stets at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.