P.M. BRIEFING : Heating Oil Up on Futures Mart
Heating oil prices soared on futures markets today due to continued cold weather throughout most of the nation and the shutdown of a big Exxon refinery hit by a weekend fire.
The January heating oil contract on the New York Mercantile Exchange jumped 9.01 cents to 90.75 cents a gallon in early afternoon trading. Heating oil for delivery in February and March rose their allowed two-cent daily limit, to 70.89 cents and 62.58 cents, respectively.
“We’re all watching and following heating oil,” said one energy trader. “Everyone is just having a good time and no one is out there selling anything.”
Traders said the price surge was in reaction to an explosion Sunday at a 450,000-barrel-per-day Exxon Corp. refinery in Baton Rouge, La., that ignited about 4 million gallons of heating oil and lubricants held in storage tanks.
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