Heating Oil Trades Near 3-Week Low

2026-08-06 01:06 By Kyrie Dichosa 1 min. read

US heating oil futures fell below $3.80 per gallon, trading near a three-week low, as traders priced in improved supply prospects.

Iran announced an agreement with Oman on a shipping route through the Strait of Hormuz, boosting expectations that more energy exports could flow through the strategic waterway.

Iranian officials said a joint statement was being finalized and that the route was expected to remain operational for two to four months.

They stressed, however, that the arrangement did not constitute a full reopening of the Strait.

President Donald Trump also said talks with Tehran were ongoing.

Even so, supply concerns lingered elsewhere.

In Russia, diesel and gasoline exports plunged 60% in July after Ukrainian strikes disrupted refinery operations, prompting Moscow to extend its gasoline export ban through January 2027.

Meanwhile, EIA data showed distillate inventories, including diesel and heating oil, fell by 3.473 million barrels in the week ended July 31.



News Stream
Heating Oil Trades Near 3-Week Low
US heating oil futures fell below $3.80 per gallon, trading near a three-week low, as traders priced in improved supply prospects. Iran announced an agreement with Oman on a shipping route through the Strait of Hormuz, boosting expectations that more energy exports could flow through the strategic waterway. Iranian officials said a joint statement was being finalized and that the route was expected to remain operational for two to four months. They stressed, however, that the arrangement did not constitute a full reopening of the Strait. President Donald Trump also said talks with Tehran were ongoing. Even so, supply concerns lingered elsewhere. In Russia, diesel and gasoline exports plunged 60% in July after Ukrainian strikes disrupted refinery operations, prompting Moscow to extend its gasoline export ban through January 2027. Meanwhile, EIA data showed distillate inventories, including diesel and heating oil, fell by 3.473 million barrels in the week ended July 31.
2026-08-06
Heating Oil is down by 5.02%
Heating Oil decreased 5.02% to 3.6825 USD/Gal
2026-08-04
US Heating Oil Falls to Over 3-Week Low
Heating oil in the US fell to around $3.80 per gallon, the lowest level in more than three weeks, as easing geopolitical tensions in the Middle East reduced concerns over potential supply disruptions. US Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could be reached as soon as today or tomorrow, while Qatar announced that a draft proposal to revive US-Iran negotiations was being circulated, although officials stressed that no agreement had yet been reached. The diplomatic efforts follow President Donald Trump's decision to postpone planned military strikes against Iran to allow more time for negotiations. Earlier gains in heating oil had been driven by constrained diesel supplies resulting from tensions in the Middle East and disruptions to Russian exports. Despite the recent decline, refining margins remain elevated, with strong international demand continuing to support US distillate production and exports.
2026-08-04