Energy office: Price of heating oil hits $2.38 per gallon

The Office of Energy Independence and Security survey of home heating oil prices found the current statewide average cash price for No. 2 heating oil to be up 2 cents since last week at $2.38 per gallon and 48 cents higher than last year at this time.

Within the OEIS sample, this week the lowest actual heating oil price of $2.23 per gallon was found in the southwest region while the high-end price of $2.55 per gallon was found in both the central and eastern regions.

Warmer than usual temperatures during the first half of January have allowed a weakness in heating oil demand, causing inventories to build at a time when they would normally be decreasing.

U.S. distillate inventories as of Jan. 13 stood at 134.7 million barrels, which is 10.3 million barrels higher than last year at this time. New England heating oil inventories as of Jan. 13 stood at 9,272 barrels, which is 2,266 barrels higher than last year at this time.