The report below provided by Hedge Solutions highlights some of the factors driving heating oil prices for New Englanders through July 2017.
East Coast Inventories are Decreasing
US crude oil inventories have been falling since mid-April, but this follows a seasonal pattern and stockpiles remain elevated to last year’s strong levels. US oil production is up to 9.34 mb/d as of the June 30 reporting week, up 910 kb/d year-on-year, according to the EIA. Meanwhile, Nigerian and Libyan oil production has been on the rise, as they're not yet part of the OPEC/non-OPEC output cut agreement.
Refining and power-related oil demand is strong seasonally, and the global economic recovery appears to be on track, bringing with it continued global oil demand growth.
To read the whole article in the latest Energy Procurement Report, just click on the image below to view the whole report full size:
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