Heating Oil Futures Ease
US heating oil futures fell to around $4.65 per gallon but remained close to the record $5.20 reached in mid-September, as expectations of additional US diesel supplies eased some pressure on distillate markets. President Donald Trump said he is still considering restricting diesel exports to lower domestic fuel prices, but signaling that his support for the measure may be cooling. Energy Secretary Chris Wright also said the administration expected announcements soon from Europe on additional diesel supplies, while the White House urged the EU to draw down emergency diesel inventories. Meanwhile, Russia extended its restrictions on most diesel exports through October, keeping global distillate markets tight. US distillate inventories also remain low ahead of the winter heating season, with EIA data showing stockpiles, which include diesel and heating oil, fell by 2.3 million barrels in the week ended September 25.
20 reached in mid-September, as expectations of additional US diesel supplies eased some pressure on distillate markets. President Donald Trump said he is still considering restricting diesel exports to lower domestic fuel prices, but signaling that his support for the measure may be cooling. Energy Secretary Chris Wright also said the administration expected announcements soon from Europe on additional diesel supplies, while the White House urged the EU to draw down emergency diesel inventories. Meanwhile, Russia extended its restrictions on most diesel exports through October, keeping global distillate markets tight.
3 million barrels in the week ended September 25.