Heating Oil Falls on Prospects for More Russian Fuel

2026-10-19 00:50 By Kyrie Dichosa 1 min. read

US heating oil futures fell to around $4.80 per gallon as US President Donald Trump's decision to waive key sanctions and tariffs on Russia raised prospects for increased Russian diesel exports.

Trump said the move would help facilitate peace talks with Moscow, while Secretary of State Marco Rubio said the administration would assess its economic impact over the next 60 days.

However, supply risks remained elevated as attacks on commercial vessels disrupted shipments through the Persian Gulf, with crude flows falling to around 8.5 million barrels per day last week from more than 20 million barrels per day the previous week, according to Kpler.

Adding to regional tensions, Egypt said it was ready to support Saudi Arabia against Yemen's Iran-aligned Houthis.

Meanwhile, EIA data showed that US distillate inventories fell by 2.5 million barrels in the week ending October 9, leaving stocks 12% below their five-year average and highlighting persistent supply tightness.



News Stream
Heating Oil Falls on Prospects for More Russian Fuel
US heating oil futures fell to around $4.80 per gallon as US President Donald Trump's decision to waive key sanctions and tariffs on Russia raised prospects for increased Russian diesel exports. Trump said the move would help facilitate peace talks with Moscow, while Secretary of State Marco Rubio said the administration would assess its economic impact over the next 60 days. However, supply risks remained elevated as attacks on commercial vessels disrupted shipments through the Persian Gulf, with crude flows falling to around 8.5 million barrels per day last week from more than 20 million barrels per day the previous week, according to Kpler. Adding to regional tensions, Egypt said it was ready to support Saudi Arabia against Yemen's Iran-aligned Houthis. Meanwhile, EIA data showed that US distillate inventories fell by 2.5 million barrels in the week ending October 9, leaving stocks 12% below their five-year average and highlighting persistent supply tightness.
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Heating Oil Extends Losses
US heating oil futures fell below $4.80 per gallon, extending losses for a third consecutive session as prospects for increased fuel supplies weighed on prices. The IEA agreed to accelerate the release of remaining emergency oil stocks, including more than 20 million barrels of diesel. Meanwhile, Russia resumed diesel exports following a partial easing of restrictions, with a tanker carrying around 40,000 metric tons of diesel departing Primorsk for Morocco. These developments followed reports of a US proposal to ease sanctions on oil tankers linked to Russia's shadow fleet, potentially facilitating global oil flows. However, EIA data showed that US distillate inventories fell by 2.5 million barrels in the week ending October 9, remaining 12% below its five-year average, highlighting persistent supply tightness. Attacks on shipping near the Strait of Hormuz and renewed strikes on Russian refineries also continued to threaten global fuel supplies.
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Heating Oil Prices Decline
US heating oil futures fell to around $4.85 per gallon on Thursday, paring recent gains alongside crude prices as investors assessed a US proposal to ease sanctions on shadow fleet tankers to reduce shipping costs and facilitate oil flows. The discussions follow President Donald Trump's temporary easing of sanctions on Russian diesel exports last week, although analysts have questioned the deal's potential to lower fuel prices given the relatively small volume involved. Meanwhile, Russia accused Ukraine of attacking two oil refineries, including the 400,000-barrel-per-day Ryazan facility, raising doubts over the prospects for an energy truce announced by Trump. Continued attacks on shipping near the Strait of Hormuz also pose risks to global oil flows. Separately, API data showed that US distillate inventories fell by 1.5 million barrels in the week ended October 9, pointing to tighter supplies.
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