Tight supply fundamentals continue to put upward pressure on oil prices. The Energy Information Administration said U.S. crude stockpiles have fallen 10 percent since the end of June. Inventories normally dip in the summer, peak driving season, and recover in the fall. But so far this year, there has been no sign of a seasonal supply increase.
As a result, winter is a particular challenge. The New York spot price for heating oil hit $2.60 per gallon in early November, roughly a dollar