Oil Rises as Cold Weather Forecast Extends Heating Oil Rally

Crude oil rose for a sixth day, extending its longest rally since October, as heating oil prices climbed on forecasts for colder weather in the U.S.

Crude increased amid outlooks that the U.S. South and East will be “predominantly cold” for the next 11 to 15 days, causing a boost to heating fuel use, according to MDA Federal Inc.’s EarthSat Energy Weather of Rockville, Maryland. Ample supplies of distillates, including heating oil and diesel, tempered the gain.

“You’re going to have to be attuned to the weather forecast, how long this cold is going to last, and, by association, the stockpile levels that are higher than normal,” said Michael Fitzpatrick, vice president of energy with MF Global in New York. U.S. distillate stockpiles were 19 percent higher than a year earlier in the week ended Dec. 18.

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- Posted: 2009-12-30 09:15:35

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