Heating Oil Rises Despite Robust Inventory Gains

Heating oil prices moved higher buoyed by crude oil despite a larger than expected build in petroleum inventories. All the major groups saw builds, as imports climbed in the latest week, and demand continued to slide.

The Department of Energy reported on Wednesday that U.S. crude oil imports averaged 8.3 million barrels per day last week, up by 480,000 barrels per day from the previous week. Over the last four…