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U.S. heating oil futures hit session high on large distillate draw

Thursday, 23 Jan 2014 | 11:31 AM ET

NEW YORK, Jan 23 (Reuters) - U.S. ultra low-sulfur diesel futures, more commonly known as heating oil, rose to a session high on Thursday after U.S. government data showed a larger-than-expected draw in distillate stocks.

Distillate stocks fell by 3.21 million barrels last week, compared with expectations of a 900,000-barrel draw in a Reuters poll.

ULSD futures extended gains after the report was released and last traded 1.24 percent higher, or 3.76 cents, at $3.0755 at 11:18 a.m. EST (1618 GMT) after touching a session high of $3.0780 at 11:15 a.m.

(Reporting by Jeanine Prezioso; Editing by Jeffrey Benkoe)