Crude oil prices are mostly higher, and the good old fundamental of weather is the main supporting feature. Long time readers of the Energy OverView likely recall, with some fondness, the intense coverage of the natural gas-to-heating oil spread play that used to dominate the discourse at this time of year. It was back when it made sense to switch between natural gas to heating oil, based on BTU value. That has not been in vogue for several years, but the intense cold weather is generating significant heating oil and/or diesel demand.
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