Heating Oil Hovers at Highest Since 2022

2026-03-13 01:55 By Kyrie Dichosa 1 min. read

Heating oil futures held above $3.90 per gallon, remaining near their highest level since June 2022, as markets braced for further turmoil in the Middle East.

President Donald Trump warned Iran of additional strikes after Supreme Leader Mojtaba Khamenei said the Strait of Hormuz would stay closed and could open other fronts if US and Israeli attacks persist.

Meanwhile, the US moved to ease supply concerns by issuing a 30-day license allowing countries to purchase Russian oil and petroleum products stranded at sea.

Treasury Secretary Scott Bessent also urged forming an international coalition to escort tankers through the Strait “as soon as militarily feasible.” This follows coordinated IEA releases of unprecedented reserves, which have done little to slow the energy rally.

Gasoline is on track for a second consecutive weekly gain.



News Stream
Heating Oil Eases Below $4
Heating oil futures for delivery at the New York Harbor held below $4.0 per gallon, down from the seven-week high of $4.16 touched May 19th, as markets assessed the outlook on domestic refining activity and Middle Eastern petrol supply. Data from the EIA showed that stocks of distillate fuel in the US inched higher by 372 thousand barrels in the first week of May, contrasting with bets of a 1.1 million draw. The data also contrasted with a 1.5 million barrel draw for gasoline, indicating that refineries opted to concentrate capacity in diesel and jet fuel due to the shortages in global transportation hubs. The overall supply backdrop remained tight as the standstill between the US and Iran prolonged expectations of the suspension in energy exports from the Middle East. The export of distilled products from the region has been all but halted since the start of the war in March, stressing refineries and driving the price of heating oil futures to a record high of $4.6 in March.
2026-05-20
Heating Oil Holds Near 6-Week High
Heating oil futures in the US traded around $4.10 per gallon, holding a three-day gain to a near six-week high, driven by disrupted energy exports from the Middle East as the Strait of Hormuz remained effectively closed. Negotiations between the US and Iran have also repeatedly failed to yield meaningful progress, with markets closely monitoring President Donald Trump’s shifting stance on potential Iran strikes that could reignite military tensions. Tightening global refinery supply conditions had previously pushed heating oil futures to a peak of $4.60 per gallon in March. The International Energy Agency recently warned that refinery throughput is expected to decline in Q2, keeping distillate markets tight and supported in part by strong transportation fuel demand. Meanwhile, API data showed distillate inventories, including diesel and heating oil, fell by roughly 1.1 million barrels in the week ending May 15.
2026-05-20
Heating Oil Hits 6-week High
Heating Oil increased to 4.18 USD/Gal, the highest since April 2026. Over the past 4 weeks, Heating Oil gained 17.58%, and in the last 12 months, it increased 93.24%.
2026-05-19