Heating Oil Holds Near Record High
US heating oil prices eased to around $5.20 per gallon but remained near their record high, leaving them about 120% higher than a year earlier amid concerns over tightening distillate markets. EIA data showed distillate inventories, including diesel and heating oil, rose by 1.6 million barrels in the week ended September 11, exceeding expectations for a 0.1 million-barrel increase. Still, stocks remained 13% below their five-year average, indicating relatively tight supplies. Supply-side pressures have intensified as disruptions across the Middle East are compounded by Ukrainian attacks on Russian refineries and Russia’s export curbs. Some pressure eased after Saudi Arabia offered additional crude through Oman. Meanwhile, with the US harvest season underway and the winter heating season approaching, distillate demand could strengthen further, while seasonal refinery maintenance could constrain production and add pressure to already-tight supplies.
20 per gallon but remained near their record high, leaving them about 120% higher than a year earlier amid concerns over tightening distillate markets. 1 million-barrel increase. Still, stocks remained 13% below their five-year average, indicating relatively tight supplies. Supply-side pressures have intensified as disruptions across the Middle East are compounded by Ukrainian attacks on Russian refineries and Russia’s export curbs.
Some pressure eased after Saudi Arabia offered additional crude through Oman. Meanwhile, with the US harvest season underway and the winter heating season approaching, distillate demand could strengthen further, while seasonal refinery maintenance could constrain production and add pressure to already-tight supplies.