Heating Oil Consolidates as Iranian Sanctions Trump Mixed Inventory Data

Heating oil prices were nearly unchanged in mid-morning trade on Wednesday as bullish sentiment could not be dampened by an unexpected build in crude oil inventories. The crude oil build was offset by an unexpected draw in distillate inventories, as demand remains elevated. Refiners have pulled back and are operating near 90% compared to the 97% rate a few weeks ago as maintenance season…