Heating Oil Prices Edge Down

2026-09-29 11:38 By Joana Taborda 1 min. read

Heating oil futures fell to around $4.60 per gallon but remained close to the record high of $5.2 reached in mid-September, tracking volatile oil prices as traders continued to assess developments in the Middle East and the lack of progress in negotiations between the US and Iran aimed at ending the war.

The conflict between Russia and Ukraine is also disrupting fuel trade routes, adding to pressure on the energy market.

Meanwhile, US President Trump said he was still considering “very seriously” a ban on US diesel exports to curb high domestic fuel prices, despite other administration officials pursuing alternative measures.

Energy Secretary Chris Wright said officials were working with refiners on voluntary export curbs, while the White House was also considering broader sales of tax-exempt, red-dyed diesel.

On the data front, US distillate inventories were around 12% below the five-year average, leaving heating oil supplies relatively tight as the winter heating season approaches.



News Stream
Heating Oil Prices Edge Down
Heating oil futures fell to around $4.60 per gallon but remained close to the record high of $5.2 reached in mid-September, tracking volatile oil prices as traders continued to assess developments in the Middle East and the lack of progress in negotiations between the US and Iran aimed at ending the war. The conflict between Russia and Ukraine is also disrupting fuel trade routes, adding to pressure on the energy market. Meanwhile, US President Trump said he was still considering “very seriously” a ban on US diesel exports to curb high domestic fuel prices, despite other administration officials pursuing alternative measures. Energy Secretary Chris Wright said officials were working with refiners on voluntary export curbs, while the White House was also considering broader sales of tax-exempt, red-dyed diesel. On the data front, US distillate inventories were around 12% below the five-year average, leaving heating oil supplies relatively tight as the winter heating season approaches.
2026-09-29
Heating Oil Extends Gains
US heating oil futures extended their gains toward $4.80 per gallon, as weaker diplomatic hopes in the Middle East outweighed uncertainty over potential US diesel export restrictions. President Donald Trump rejected Iran’s conditional proposal to reopen the Strait of Hormuz, dimming prospects for a quick resumption of traffic through the key waterway, although he said he expects negotiations to resume. Separately, Trump said he is still considering “very seriously” a US ban on diesel exports to curb high domestic fuel prices, despite other administration officials pursuing alternatives. Energy Secretary Chris Wright said officials are working with refiners on voluntary export curbs, while the White House is also considering broader sales of tax-exempt red-dyed diesel. On data, US distillate inventories were around 12% below the five-year average, leaving heating-oil supplies relatively tight as the winter heating season approaches.
2026-09-28
Heating Oil Falls for Third Session
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.
2026-09-25