Heating Oil Prices Hit Fresh 2016 Highs

Heating oil prices surged to a fresh 2016 high, as distillate inventories fell and demand for gasoline rose.  Production in the U.S. continues to decline ahead of the driving season which should continue to buoy prices.  Over the last four weeks, crude oil imports averaged over 7.7 million barrels per day, 1.2% above the same four-week period last year which has offset production declines.

Petroleum stocks…