Heating Oil Falls to 1-Month Low

US heating oil prices extended losses below $4.40 per gallon on Friday, the lowest in one month, after G7 agreed to consider releasing up to 100 million barrels of emergency oil and diesel reserves to ease fuel costs. The coordinated release is expected to take place over four months, French President Emmanuel Macron said. Macron indicated that the initiative aims to bring down prices following pressure from the Trump administration to address tightening fuel markets. 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. In the US, EIA data showed distillate inventories at their lowest seasonal level on record.