NYMEX front-month heating oil settles at all-time high $1.4991/gal

New York (Platts)--13Oct2004

November heating oil settled at an all-time high of $1.4991/gal Wednesday for
a gain of 4.46 cts on the session, reversing all of Tuesday's losses with the
potential for another week of a stock draw providing the underpinning for
today's rally. There was no other fundamental shift in supply/demand to have
caused the reversal in prices. Heating oil has now surpassed the all-time high
of $1.47/gal for unleaded gasoline futures posted May 20, a petroleum product
that costs much more to make and is produced by using lighter, sweeter and
more expensive grades of crude. November crude settled $1.13 higher at
$53.64/bbl, matching the all-time high settlement and proving Tuesday's
sell-off was merely a correction within an 18-month bull run. November
unleaded gasoline settled 2.8 cts higher at $1.4083/gal.

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