26 March 2008 19:19 [Source: ICIS news]
HOUSTON (ICIS news)--Tight supply boosted US distillate fuels prices on Wednesday, trade sources said.
According to the US Energy Information Administration (EIA), distillate fuel inventories decreased by 2.2m bbl last week.
Spot values for heating oil for the New York Harbour (NYH) were 316.25-316.50 cents/gal FOB (free on board), a gain of 12.25 cents from Tuesday. This was based on a 12.00-cent premium to the NYMEX heating oil futures contract for delivery in April.
Traders said refinery cuts and short supply should keep the spot market strong.
Government data showed that refineries are operating at their lowest rate since October 2005.
“It’s going to be real tight right now,” a New York-based trader said.
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