Heating Oil Falls for Third Session
US heating oil futures fell below $4.70 per gallon, declining for a third consecutive session to a two-week low, as uncertainty over US diesel export restrictions persisted. The White House denied reports of a planned 90-day ban, while Energy Secretary Chris Wright said the administration was instead seeking voluntary curbs from major refiners. Still, President Trump earlier said he supported restricting diesel exports, leaving the administration’s approach unclear. Meanwhile, diplomatic hopes between the US and Iran eased some supply concerns, as negotiators reportedly explored a phased path to end the war, including reopening the Strait of Hormuz and lifting Washington’s economic blockade of Iran. However, continued strikes in the Middle East tempered hopes for broader de-escalation. EIA data showed US distillate inventories fell by 400,000 barrels in the week ended September 18, keeping inventories about 12% below the five-year average.
70 per gallon, declining for a third consecutive session to a two-week low, as uncertainty over US diesel export restrictions persisted. The White House denied reports of a planned 90-day ban, while Energy Secretary Chris Wright said the administration was instead seeking voluntary curbs from major refiners. Still, President Trump earlier said he supported restricting diesel exports, leaving the administration’s approach unclear. Meanwhile, diplomatic hopes between the US and Iran eased some supply concerns, as negotiators reportedly explored a phased path to end the war, including reopening the Strait of Hormuz and lifting Washington’s economic blockade of Iran.
However, continued strikes in the Middle East tempered hopes for broader de-escalation. EIA data showed US distillate inventories fell by 400,000 barrels in the week ended September 18, keeping inventories about 12% below the five-year average.