Heating Oil Falls for 2nd Day

US heating oil prices slipped below $4.50 per gallon on Friday, extending losses for the second session, as efforts to relieve a global fuel shortage raised hopes of improved availability. European Union members are discussing a proposal to release emergency oil and diesel reserves, following pressure from Washington to help stabilise prices and avoid restrictions on US fuel exports. Treasury Secretary Scott Bessent urged European partners to contribute, while President Donald Trump was less inclined to impose an export ban because of the risk of further domestic price increases. However, heating oil remains close to its mid-September record of $5.20 per gallon. In the US, EIA data showed distillate inventories at their lowest seasonal level on record. 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.