US heating oil rises above $5.12 per gallon
US heating oil prices climbed to around $5.12 per gallon, the highest level on record, amid tighter refined-product supplies.
12 per gallon, a record high, as refined-product supplies tightened further. 1 million barrels in the week ended September 4, but were still 13% below the five-year average, underscoring relatively low inventories. 8% of capacity during the week, leaving little room to lift distillate output further. Global supply risks are also increasing on several fronts, with Houthi attacks on Saudi energy infrastructure, prolonged disruptions in the Strait of Hormuz, and Ukrainian attacks on Russian refineries adding to diesel supply strain amid Russia’s export curbs.
Seasonal farm activity and the approaching winter heating season could add to distillate demand and keep pressure on already-tight supplies.