Heating Oil Prices Edge Down
Heating oil futures fell to around $4.60 per gallon but remained close to the record high of $5.2 reached in mid-September, tracking volatile oil prices as traders continued to assess developments in the Middle East and the lack of progress in negotiations between the US and Iran aimed at ending the war. The conflict between Russia and Ukraine is also disrupting fuel trade routes, adding to pressure on the energy market. Meanwhile, US President Trump said he was still considering “very seriously” a ban on US diesel exports to curb high domestic fuel prices, despite other administration officials pursuing alternative measures. Energy Secretary Chris Wright said officials were working with refiners on voluntary export curbs, while the White House was also considering broader sales of tax-exempt, red-dyed diesel. On the data front, US distillate inventories were around 12% below the five-year average, leaving heating oil supplies relatively tight as the winter heating season approaches.
2 reached in mid-September, tracking volatile oil prices as traders continued to assess developments in the Middle East and the lack of progress in negotiations between the US and Iran aimed at ending the war. The conflict between Russia and Ukraine is also disrupting fuel trade routes, adding to pressure on the energy market. Meanwhile, US President Trump said he was still considering “very seriously” a ban on US diesel exports to curb high domestic fuel prices, despite other administration officials pursuing alternative measures.
Energy Secretary Chris Wright said officials were working with refiners on voluntary export curbs, while the White House was also considering broader sales of tax-exempt, red-dyed diesel. On the data front, US distillate inventories were around 12% below the five-year average, leaving heating oil supplies relatively tight as the winter heating season approaches.