Heating Oil Prices Dip After Record

Heating oil prices settled slightly Friday, two days after global demand for distillate fuels and low stockpiles in the United States produced record prices.

Heating oil peaked at $3.3225 per gallon, but dropped to $3.2129 Friday morning on the New York Mercantile Exchange.

More and more, the geographical delivery point over the last five years has become less important as we become integrated into a global economy, Peter Beutel, president of Cameron Hanover, an energy risk-management firm told The Wall Street Journal.

Crude oil prices dropped 23 cents on the exchange Friday to $109.88 per barrel.

Reformulated blendstock prices fell 0.0117 to $2.704 per gallon.

Natural gas prices fell 0.135 to $9.963 per million British thermal units.

At the pump, the national average price of a gallon of unleaded gasoline was $3.365 Friday, up from Thursday’s $3.357, AAA said.