Heating Oil Jumps to 5-Week High as Supply Drops in U.S., Europe
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Heating oil advanced to a five-week high, gaining along with gasoil futures in London, as stockpiles of diesel and heating oil fell in the U.S. and Europe.
Futures in New York rose a fifth consecutive day as U.S. supplies sank to an eight-week low in the seven days ended Oct. 7, the Energy Department reported yesterday. Gasoil inventories in independent storage in Amsterdam-Rotterdam-Antwerp, Europe’s biggest oil-trading hub, slipped 8.1 percent in the week ended yesterday to the lowest level since December 2008, according to PJK International BV, a consultant in the Netherlands.