The price of crude fell about 2% today to $53.15 a barrel as of 3:51 pm eastern time.  The price for a gallon of heating oil stayed relatively flat, gaining about half a cent but holding at $1.76 on NYMEX.  The divergence in price changes is an effect of today’s data on US inventories that showed crude and gasoline stockpiles rose more than expected while distillates (used to make diesel and heating oil) dropped after predictions that they would increase.

HEAT USA price experts explained that the decrease in distillate stockpiles was most likely a result of heating oil users around the country filling their tanks in anticipation of cold weather.  They expect a fractional to small increase in prices tomorrow.

HEAT USA Price Report
Evening Projection (for Thursday’s average price per gallon): UP $0.005 to $0.01