US Heating Oil Futures Rise Toward 4-Week High

2026-02-23 10:32 By Agna Gabriel 1 min. read

Heating oil futures in the US rose past 2.6 dollars per gallon, approaching a four-week high, as a powerful winter storm in the Northeast lifted expectations for stronger heating demand.

A snowstorm described as one of the worst on record shut schools and disrupted flights across the region, increasing near-term fuel consumption.

Prices were also supported by supply data after the EIA reported distillate inventories fell by 4.6 million barrels to 120.1 million, far exceeding expectations for a 1.4 million barrel draw.

At the same time, markets monitored tensions around Iran.

Donald Trump said he was considering a limited military strike, while Iranian Foreign Minister Abbas Araghchi signaled a possible diplomatic solution.

Still, forecasts for warmer-than-normal temperatures in the coming weeks may limit further gains.



News Stream
Heating Oil Climbs Over 7%
Heating oil futures climbed 7.5% to around $4.36 per gallon, snapping a three-day decline and tracking advances in crude prices, after President Trump said the US would strike Iran in the coming weeks. In his rare prime-time address, Trump offered no clear end date for the Middle East conflict, noting that the US had nearly achieved its strategic goals in Iran but warning of further military action over the next two to three weeks. The statement elevated the risk of more widespread damage to energy infrastructure throughout the Gulf region. Meanwhile, Iran denied Trump’s claim that Tehran had requested a ceasefire, and added that the Strait of Hormuz will not be reopened and that the key transit route remains firmly under the control of the IRGC Navy. Elsewhere, distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels last week.
2026-04-02
Heating Oil is up by 5.15%
Heating Oil increased 5.15% to 4.2656 USD/Gal
2026-04-02
Heating Oil Holds Losses After EIA
Heating oil futures dropped toward $4 per gallon on Wednesday as traders weighed tentative hopes for a Middle East ceasefire against a tighter domestic supply outlook. The benchmark found relief after President Donald Trump indicated that Iran is seeking a ceasefire, with the President clarifying that the US would only consider a deal once the Strait of Hormuz is fully operational and secure. These developments helped pull energy prices back from the staggering highs seen in March when oil prices surged more than 50% marking their largest monthly gain since 2020. Meanwhile, US heating oil stockpiles slipped by 0.81 million barrels in the week ended March 27th following a 0.24 million-barrel decline in the previous week. This coincided with a significant decrease in distillate stocks which fell by 2.11 million barrels over three times the expected draw while crude oil inventories increased by a larger-than-expected 5.45 million barrels.
2026-04-01