Heating Oil Surges Nearly 5%

2026-10-13 17:09 By Andre Joaquim 1 min. read

Heating oil futures in the US surged to $4.92 per gallon on Tuesday, the highest in three weeks and close to last month's record high of $5.30, as unprecedented supply tightness returned to the market's forefront.

Russia and Ukraine exchanged strikes against each other's power and gas facilities.

The strikes erased already-dim expectations that the energy ceasefire touted by President Trump would hold, stoking fears of continued attacks on major Russian refineries.

The developments also deepened doubts that Russia would release 36 million barrels of diesel for export, a pledge that faced skepticism upon announcement, as a domestic distillate shortage prompted the Moscow to halt exports last quarter.

Meanwhile, attacks on vessels crossing the Persian Gulf kept tanker shipping costs near record highs and curtailed exports from the region.

Shortages of crude oil for major refineries had already driven prices to a record high and prompted US officials to briefly consider an export ban.



News Stream
Heating Oil Surges Nearly 5%
Heating oil futures in the US surged to $4.92 per gallon on Tuesday, the highest in three weeks and close to last month's record high of $5.30, as unprecedented supply tightness returned to the market's forefront. Russia and Ukraine exchanged strikes against each other's power and gas facilities. The strikes erased already-dim expectations that the energy ceasefire touted by President Trump would hold, stoking fears of continued attacks on major Russian refineries. The developments also deepened doubts that Russia would release 36 million barrels of diesel for export, a pledge that faced skepticism upon announcement, as a domestic distillate shortage prompted the Moscow to halt exports last quarter. Meanwhile, attacks on vessels crossing the Persian Gulf kept tanker shipping costs near record highs and curtailed exports from the region. Shortages of crude oil for major refineries had already driven prices to a record high and prompted US officials to briefly consider an export ban.
2026-10-13
Heating Oil Falls for Third Session
US heating oil prices fell to around $4.68 per gallon for a third consecutive session, weighed by prospects for increased Russian fuel supplies. President Donald Trump said Russia had agreed to supply diesel to US and global markets to help lower fuel prices, while his administration temporarily eased US sanctions on Russian fuel. Markets also assessed prospects for an energy ceasefire between Russia and Ukraine following Trump’s announcement of an immediate truce, although Ukrainian President Volodymyr Zelenskiy said Russia continued striking Ukrainian energy infrastructure. IEA Executive Director Fatih Birol urged governments to accelerate planned diesel releases and consider additional supplies. However, escalating conflict in the Middle East and tanker attacks near the Strait of Hormuz threatened the recovery in regional shipments. Separately, Gulf of Mexico producers worked to restore offshore output after Hurricane Isaias.
2026-10-13
Heating Oil Extends Losses
US heating oil prices extended losses to around $4.65 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, an expanding conflict in the Middle East raised concerns that efforts to restore regional fuel supplies could be hampered. Elsewhere, Gulf of Mexico oil producers were working to restore offshore output after Hurricane Isaias.
2026-10-12