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The oil market is rallying today primarily because of a sizable crude oil draw reported by the DOE, a softening dollar, and bullish OPEC comments.
Heating Oil
Have you ever found yourself feeling like this past winter was tougher to handle then previous years? That’s because it’s true! According to the Heating Degree Day Report, Southwestern Pennsylvania experienced a winter that was 15% colder than 2017 and 30% colder than 2016.
The big story this week is North Sea Forties Pipeline System halt for maintenance. The pipeline supplies 40% of UK crude supply and supported the Brent/WTI price spread.
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