Heating-Oil Futures Rise After Distillate Supplies Drop

eating-oil futures rose for the first time in four days following an Energy Department report that showed a decline in distillate inventories, which include diesel and heating oil, fell more than expected, Bloomberg reported Wednesday.

Distillate supplies fell by 84,000 barrels last week, while analysts were expecting a gain of 750,000 barrels, Bloomberg said.

Heating oil futures rose almost 4 cents a gallon to $1.82 a gallon, Bloomberg reported. Heating oil and diesel fuel prices often parallel each other in the winter because both are distillate fuels competing for stocks.

Crude oil stockpiles rose 4.4 million barrels—over the 2 million expected by analysts—and gasoline supplies rose 4.2 million barrels, Bloomberg reported.