(by M. Riley)
Oil prices fell to the lowest on expectations today’s report will show U.S. oil and fuel inventories rose last week.
December crude oil slid 31 cents to $45.80 per barrel in after-hours electronic trading on the New York Mercantile Exchange.
Analysts forecast distillate fuel supplies rose 800,000 barrels from 115.7 million barrels last week.
``Stocks are good and we’re probably around where we should be. I don’t think we’re going to go too much lower,’’ said Bob Frye, a commodities broker with Access Futures & Options Trading in Woodlake, California.
December heating oil dropped 1.01 cents to $1.333 per gallon in New York. Prices fell 17% from the ever-records of $1.603 on October 22.
"Heating oil is extraordinarily tight and demand for the stuff is increasing on the seasonal basis as we speak," said Jan Stuart, head of energy research at FIMAT USA.