Heating Oil Whipsaws as Stronger Production offsets Lower Inventories

Heating oil prices whipsawed early on Wednesday as declining gasoline inventories, the potential extension of the OPEC output cut, and strife in Iraq is supporting prices, were offset by higher production. Production declined by more than 1-million barrels in the weeks following Hurricanes Harvey and Irma, but production in the United States now appears to have climbed back to its former peak….