Heating Oil is up by 5.08%

US heating oil futures fell below $4.70 per gallon, declining for a third consecutive session to a two-week low, as uncertainty over US diesel export restrictions persisted. The White House denied reports of a planned 90-day ban, while Energy Secretary Chris Wright said the administration was instead seeking voluntary curbs from major refiners. Still, President Donald Trump earlier said he supported restricting diesel exports, leaving the administration’s approach unclear. Meanwhile, diplomatic hopes between the US and Iran eased some supply concerns, as negotiators reportedly explored a phased path to end the war, including reopening the Strait of Hormuz and lifting Washington’s economic blockade of Iran. However, continued attacks in the Middle East kept broader de-escalation hopes at bay. Separately, the approaching winter heating season could lift demand and further tighten supplies, with distillate inventories already about 12% below the five-year average, according to the EIA.

Heating Oil increased 5.08% to 5.0192 USD/Gal

US heating oil futures rose past $5.0 per gallon, following a 3.4% loss in the previous session, after the White House denied reports that the US was preparing a 90-day diesel export ban. Energy Secretary Chris Wright also said the administration was instead working with refiners to increase US diesel supplies through voluntary measures that would not reduce refining throughput, although he provided no details and said no decisions had been made. Meanwhile, EIA data showed US distillate inventories fell by 400,000 barrels in the week ended September 18, while production declined to an average of 5.2 million barrels per day. Inventories are now about 12% below the five-year average, pointing to tight supplies. Heating oil prices have surged to record highs this month as disruptions to crude oil supplies from the Middle East and strikes on Russian refineries have tightened global fuel availability.