NEW YORK, Oct. 20 (UPI) -- Heating oil set a record high settlement price Wednesday as inventory reports drove New York futures upward.
The November heating oil, gasoline and crude contracts all jumped sharply on the New York Mercantile Exchange after the Energy Information Administration showed a drop in supplies of both gasoline and distillates, which include heating oil, diesel and jet fuel.
Heating oil settled 4.1 cents higher at a record $1.56 per gallon while gasoline ticked up nearly 4.6 cents to $1.403 per gallon.
The rally in refined products fueled a $1.63 increase in crude prices to $54.92 per barrel despite an increase in crude inventories by 1.2 barrels.
The EIA statistics also showed refinery inputs increased last week to 14.8 million barrels per day although heating oil production showed a slight decrease.
There was a slight increase in distillates imports into the East Coast where most of the home heating oil market is located.
