Heating Oil Hits Over 3-Month High

2026-07-20 00:37 By Kyrie Dichosa 1 min. read

Heating oil futures in the US climbed toward $4.20 per gallon, reaching their highest level since early April, as intensifying strikes in the Middle East fueled fears of disruptions to global refined fuel supplies.

Iran said the ceasefire with the US had effectively collapsed as both sides expanded attacks beyond military sites to critical infrastructure, signaling little prospect of a return to the fragile truce.

Adding to supply concerns, Ukraine continued its attacks on Russian oil refineries after Russia imposed a diesel export ban earlier this month.

Seasonal refinery maintenance and years of refinery closures across the US and Europe further constrained fuel supplies.

The tighter supply backdrop pushed US refining margins to record highs.

Despite a 4.6 million-barrel increase in distillate fuel inventories in the week ending July 10, EIA data showed stockpiles remained well below their five-year seasonal average.



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Heating Oil Hovers at 2-Month High
US heating oil traded around $4.07 per gallon on Monday after climbing as high as $4.20 earlier in the session, remaining near a two-month high as investors balanced geopolitical risks against signs of renewed diplomacy in the Middle East. Iran's Foreign Ministry said it had received proposals from international mediators aimed at easing tensions with the US, helping trim earlier gains. Even so, markets remained focused on the risk of supply disruptions after fresh military exchanges between Washington and Tehran, including attacks on vessels transiting the Strait of Hormuz and a strike on an oil facility in Kuwait over the weekend. Supply concerns were also supported by continued Ukrainian attacks on Russian refineries following Moscow's diesel export ban. Seasonal refinery maintenance and years of refinery closures in the US and Europe have further tightened fuel markets.
2026-07-20
Heating Oil Hits Over 3-Month High
Heating oil futures in the US climbed toward $4.20 per gallon, reaching their highest level since early April, as intensifying strikes in the Middle East fueled fears of disruptions to global refined fuel supplies. Iran said the ceasefire with the US had effectively collapsed as both sides expanded attacks beyond military sites to critical infrastructure, signaling little prospect of a return to the fragile truce. Adding to supply concerns, Ukraine continued its attacks on Russian oil refineries after Russia imposed a diesel export ban earlier this month. Seasonal refinery maintenance and years of refinery closures across the US and Europe further constrained fuel supplies. The tighter supply backdrop pushed US refining margins to record highs. Despite a 4.6 million-barrel increase in distillate fuel inventories in the week ending July 10, EIA data showed stockpiles remained well below their five-year seasonal average.
2026-07-20
Heating Oil Rises to 2-Month High
Heating oil futures in the US rose above $4.0 per gallon, hitting their highest level in two months, as escalating tensions in the Middle East deepened concerns over global supplies of refined fuels. The collapse of the US-Iran truce and renewed tanker attacks in the Strait of Hormuz raised fears of disruptions to fuel shipments from the Persian Gulf, while Ukrainian strikes on Russia's largest refineries continued to curb diesel exports. Seasonal refinery maintenance and years of refinery closures in the US and Europe further tightened the supply outlook. The tightening supply backdrop lifted US refining margins to record highs, with the diesel crack spread climbing above $91 per barrel. Despite a 4.6 million-barrel increase in distillate fuel inventories in the week ending July 10, EIA data showed stockpiles remained well below their five-year seasonal average.
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