Heating Oil Holds Losses

2026-06-05 01:28 By Kyrie Dichosa 1 min. read

US heating oil futures traded around $3.60 per gallon in early June, holding losses from the recent session, as markets continued to assess diplomatic efforts in the Middle East.

President Donald Trump said ceasefire talks were in the “final” stages, contrasting with earlier remarks from Iran’s foreign minister that negotiations had stalled.

The contrasting statements followed a sharp escalation in violence earlier in the week.

Further complicating the prospects of a lasting agreement, Iran-backed Hezbollah also turned down a US-brokered ceasefire proposal in Lebanon.

These developments led to continued constraints on tanker traffic in the Strait of Hormuz, which accounts for about one-fifth of global oil consumption and has remained largely shut since March.

Meanwhile, distillate inventories, including diesel and heating oil, increased by 1.502 million barrels in the final week of May.



News Stream
Heating Oil Holds Losses
US heating oil futures traded around $3.60 per gallon in early June, holding losses from the recent session, as markets continued to assess diplomatic efforts in the Middle East. President Donald Trump said ceasefire talks were in the “final” stages, contrasting with earlier remarks from Iran’s foreign minister that negotiations had stalled. The contrasting statements followed a sharp escalation in violence earlier in the week. Further complicating the prospects of a lasting agreement, Iran-backed Hezbollah also turned down a US-brokered ceasefire proposal in Lebanon. These developments led to continued constraints on tanker traffic in the Strait of Hormuz, which accounts for about one-fifth of global oil consumption and has remained largely shut since March. Meanwhile, distillate inventories, including diesel and heating oil, increased by 1.502 million barrels in the final week of May.
2026-06-05
Heating Oil Rises for Third Session
US heating oil futures held above $3.80 per gallon in early June, retaining most of its recent advance, as reports of fresh hostilities in the Middle East dashed hopes of a breakthrough in US–Iran negotiations. Both countries carried out new strikes, even as President Donald Trump said Washington remained in talks with Iran on a possible deal to end the conflict, pushing back against Iranian media claims that communications had collapsed. Conflicting reports and ongoing strikes have kept markets on edge, driving volatility in energy commodities. Distillate exports from the region have been significantly disrupted since the conflict began in March, straining refinery operations and pushing heating oil futures to a record $4.60 per gallon that month. Meanwhile, distillate inventories, including diesel and heating oil, increased by 1.502 million barrels in the final week of May.
2026-06-03
Heating Oil Futures Rise
US heating oil futures rose to above $3.70 per gallon in early June, extending recent gains, as markets continued to assess developments in US–Iran negotiations. Reports indicated that Iran had suspended indirect engagements with Washington over Israel’s operations in Lebanon, contrasting with President Donald Trump’s statement that talks with the US were still ongoing. The differing accounts have kept markets on edge and energy commodities volatile. Distillate exports from the region have been significantly disrupted since the conflict began in March, straining refinery operations and driving heating oil futures to a record $4.60 per gallon that month. Reflecting continued supply tightness, US distillate inventories, including diesel and heating oil, fell by more than 2.0 million barrels in the week ended May 22, larger than expectations for a 1 million-barrel draw.
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