The historically warm winter has caused a glut in US petroleum products. On Wednesday, government data showed big increases in domestic gasoline and heating oil inventories. The National Oceanic and Atmospheric Administration said Thursday that some below-normal temperatures are expected to hit soon in the Northern US, but it expects warmer-than-normal weather overall in the region through March.
Crude oil had been in an eight-year bull market until last summer's high above US$78 a barrel. In 1998, oil traded as low as US$10.35.
In NYMEX trading on Friday, heating oil gained US$0.0232 to settle at US$1.5036 a gallon (US$0.3972 per liter); gasoline rose US$0.0415 to settle at US$1.4320; and natural gas rose US$0.309 to settle at US$6.601 per 1,000 cubic feet (US$0.2331 per cubic meter).
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