Heating Oil Holds Gains

2026-11-13 01:19 By Kyrie Dichosa 1 min. read

US heating oil futures held around $4.28 per gallon after rebounding from their lowest level since early August, as markets weighed persistent geopolitical risks against signs of improving US inventories.

President Donald Trump signaled the US could abandon efforts to reach a deal with Iran, dimming hopes for a diplomatic resolution.

He also redirected Vice President JD Vance toward domestic priorities, casting doubt on ongoing backchannel talks.

Meanwhile, continued attacks on Middle East shipping and energy infrastructure, alongside intensified Ukrainian strikes on Russian energy facilities, kept concerns over global supply disruptions elevated.

However, EIA data showed US distillate inventories, including diesel and heating oil, rose by 4.1 million barrels in the week ended November 6, the largest weekly build since July.

The increase offered some relief on the supply front, although stocks remained 8% below the five-year average.



News Stream
Heating Oil Holds Gains
US heating oil futures held around $4.28 per gallon after rebounding from their lowest level since early August, as markets weighed persistent geopolitical risks against signs of improving US inventories. President Donald Trump signaled the US could abandon efforts to reach a deal with Iran, dimming hopes for a diplomatic resolution. He also redirected Vice President JD Vance toward domestic priorities, casting doubt on ongoing backchannel talks. Meanwhile, continued attacks on Middle East shipping and energy infrastructure, alongside intensified Ukrainian strikes on Russian energy facilities, kept concerns over global supply disruptions elevated. However, EIA data showed US distillate inventories, including diesel and heating oil, rose by 4.1 million barrels in the week ended November 6, the largest weekly build since July. The increase offered some relief on the supply front, although stocks remained 8% below the five-year average.
2026-11-13
Heating Oil Falls to August Low
US heating oil futures traded around $4.18 per gallon, near their lowest level since early August, pressured by expectations of further diplomatic efforts in the Middle East. President Donald Trump's remarks that extensive strikes on Iran were "highly unlikely" eased concerns over renewed attacks on Tehran. However, supply risks persist amid continued regional attacks. Meanwhile, Ukraine has intensified strikes on Russian energy infrastructure, including Kirishi, Russia's second-largest refinery. The attacks threaten Russian gasoline and diesel production and raise questions over the reported agreement between Presidents Putin and Trump on Russian diesel exports to global markets. In the US, EIA data showed distillate inventories, including diesel and heating oil, fell by 3.6 million barrels in the week ended October 30, leaving stocks 13% below the five-year average and highlighting continued supply tightness.
2026-11-10
US Heating Oil Rebounds from 5-Week Low
US heating oil futures held above $4.30 per gallon, recovering from a five-week low of $4.20 reached on November 4, driven by tight supplies and geopolitical risks. Democrats’ victory in both chambers of Congress could give them greater influence over government spending and constrain President Donald Trump’s ability to pursue the conflict with Iran, although diplomatic progress remains limited. Supply concerns were reinforced by EIA data showing US distillate inventories, including diesel and heating oil, fell by 3.6 million barrels in the week ended October 30, leaving stocks 13% below the five-year average and at a record seasonal low. Meanwhile, Iran reported that a tanker had struck a mine in the Strait of Hormuz, while discussions with Oman aim to restore shipping. Additional pressure comes from Russia’s plan to extend its diesel export ban through January 2027, although some exceptions will remain.
2026-11-05