A supply shortage of number two oil inNew York for prompt delivery boosted the April heating oil
contract on U.S. energy futures, traders said.
    Crude oil futures followed but gasoline futures lagged.
April heating oil ended 1.24 cts higher to 51.65 cts a gallon,
while April crude settled 28 cts higher at 18.64 dlrs.
    "The rally was led by spot month heating oil contract,
which seemed to move higher because of tigtened prompt
deliveries in New York Harbor," said James Ritterbusch, vice
president at Paine Webber Inc in Chicago.
    April gasoline was 0.28 cent higher at 53.15 cts a gallon.
    Ritterbusch said the market also found support from a
report in the Middle East Economics Survey that said that OPEC
oil output was down to about 14 mln barrels per day in the
second week of March.
    "There was not a lot of interest to sell the market because
of belief in OPEC," said Richard Redoglia, a broker with
Merrill Lynch Futures Inc.
    Redoglia and Ritterbusch said April heating oil could
continue to rally above 53 cts a gallon, while crude futures
could test 19 dlrs a barrel before profit-taking stunts the
move higher.
 Reuter
