Heating Oil Extends Losses

2026-10-12 01:02 By Kyrie Dichosa 1 min. read

US heating oil prices extended losses below $4.60 per gallon as traders weighed the prospect of increased fuel supplies following President Donald Trump’s claim of an immediate energy ceasefire between Russia and Ukraine.

Ukrainian President Volodymyr Zelenskiy said he was awaiting details, while Russia had yet to comment.

The announcement followed Trump’s statement last week that Russia had agreed to supply diesel to global markets to lower fuel prices, alongside his administration’s temporary easing of US sanctions on Russian fuel.

Meanwhile, IEA Executive Director Fatih Birol urged governments to accelerate planned diesel releases and consider boosting supplies.

However, renewed strikes on Saudi Arabia’s civilian infrastructure and tanker attacks near the Strait of Hormuz continued to threaten regional energy flows.

Elsewhere, Gulf of Mexico oil producers were working to restore offshore output after Hurricane Isaias made landfall.



News Stream
Heating Oil Extends Losses
US heating oil prices extended losses below $4.60 per gallon as traders weighed the prospect of increased fuel supplies following President Donald Trump’s claim of an immediate energy ceasefire between Russia and Ukraine. Ukrainian President Volodymyr Zelenskiy said he was awaiting details, while Russia had yet to comment. The announcement followed Trump’s statement last week that Russia had agreed to supply diesel to global markets to lower fuel prices, alongside his administration’s temporary easing of US sanctions on Russian fuel. Meanwhile, IEA Executive Director Fatih Birol urged governments to accelerate planned diesel releases and consider boosting supplies. However, renewed strikes on Saudi Arabia’s civilian infrastructure and tanker attacks near the Strait of Hormuz continued to threaten regional energy flows. Elsewhere, Gulf of Mexico oil producers were working to restore offshore output after Hurricane Isaias made landfall.
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US heating oil prices held above $4.80 per gallon, near their mid-September record of $5.20, as supply pressures persisted ahead of peak winter demand. Tanker attacks in the Strait of Hormuz and fresh US sanctions on Iran intensified concerns over Middle Eastern energy shipments, although President Trump's remarks eased fears of further US military action. Separately, Hurricane Isaias forced the shutdown of about 1.3 million barrels per day of oil production in the US Gulf of Mexico, or roughly 63% of regional output, adding to near-term supply disruptions. Diesel supplies also faced pressure from disruptions to Russian refineries, extended Russian diesel-export restrictions and China's reported suspension of fuel exports for October. The tight backdrop was reinforced by EIA data showing US distillate inventories, which include diesel and heating oil, were 12% below the five-year average in the week ended October 2.
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