Heating Oil Eases Slightly
US heating oil prices eased to around $4.60 per gallon after President Donald Trump appeared less inclined to restrict diesel exports, amid concerns that such a move could trigger another surge in fuel costs. The European Union is meanwhile discussing a coordinated response after Washington asked Germany and France to release emergency diesel reserves, while officials indicated that additional European supplies could reach the market. Despite the decline, prices remain close to the record $5.20 reached in mid-September. Refined-product markets remain under pressure even as Middle Eastern crude flows approach pre-war levels. Supply has been constrained by disruptions in the Persian Gulf, Ukrainian attacks on Russian refineries and Moscow’s extension of its diesel-export restrictions through October. China has also canceled some October fuel shipments as it prioritizes domestic demand. In the US, EIA data showed distillate inventories at their lowest seasonal level on record.
60 per gallon after President Donald Trump appeared less inclined to restrict diesel exports, amid concerns that such a move could trigger another surge in fuel costs. The European Union is meanwhile discussing a coordinated response after Washington asked Germany and France to release emergency diesel reserves, while officials indicated that additional European supplies could reach the market. 20 reached in mid-September. Refined-product markets remain under pressure even as Middle Eastern crude flows approach pre-war levels.
Supply has been constrained by disruptions in the Persian Gulf, Ukrainian attacks on Russian refineries and Moscow’s extension of its diesel-export restrictions through October. China has also canceled some October fuel shipments as it prioritizes domestic demand. In the US, EIA data showed distillate inventories at their lowest seasonal level on record.