Heating Oil Rises to 16-Week High; Gasoline Spreads Weaken
Heating oil rose to the highest level since October as seasonal refinery maintenance limits supplies. Gasoline’s March-April spread weakened a sixth day.
Heating oil climbed 0.7 percent, and the March crack spread widened $1.14 to $38.32 a barrel versus West Texas Intermediate and 36 cents to $17.43 versus Brent. March gasoline’s discount to April increased 0.9 cent to 19.14 cents a gallon. Supplies of the motor fuel in the area around New York Harbor jumped 12 percent last week, government data show.
“When you look at the products side, there are refinery issues and maintenance coming up,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston.
Heating oil for March delivery rose 1.38 cents to $3.1996 a gallon at 10:25 a.m. on the New York Mercantile Exchange on volume 3.4 percent below the 100-day average for the time of day.
Philadelphia Energy Solutions is performing work on the Girard Point section of the 355,000-barrel-a-day plant, the largest East Coast refinery.
Gasoline futures slipped 1.43 cents to $3.0254 a gallon. Volume was 55 percent higher than average.
Gasoline at the pump, averaged nationwide, rose 0.9 cent to $3.555 a gallon, AAA said on its website today. That’s the highest price for gas at the pump since Oct. 25.
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