Heating Oil Prices Rise
US heating oil prices rose to around $4.58 per gallon, snapping a two-day decline and remaining close to the record $5.20, as the refined products market remained tight. EIA data showed US distillate inventories at historically low levels, while refinery maintenance and seasonal demand are expected to keep supplies under pressure. The supply squeeze was intensified by disruptions across major refining and exporting hubs. In the Middle East, attacks and logistical bottlenecks have reduced refining capacity and constrained diesel supplies, while in Russia, Ukrainian drone strikes have disrupted refinery operations and Moscow’s extension of diesel-export restrictions through October has further limited global availability. China also suspended fuel exports for October to preserve domestic inventories, removing another source of international supply. Meanwhile, the G7 agreed to release 100 million barrels of diesel and crude from emergency reserves, which could provide some relief.
20, as the refined products market remained tight. EIA data showed US distillate inventories at historically low levels, while refinery maintenance and seasonal demand are expected to keep supplies under pressure. The supply squeeze was intensified by disruptions across major refining and exporting hubs. In the Middle East, attacks and logistical bottlenecks have reduced refining capacity and constrained diesel supplies, while in Russia, Ukrainian drone strikes have disrupted refinery operations and Moscow’s extension of diesel-export restrictions through October has further limited global availability.
China also suspended fuel exports for October to preserve domestic inventories, removing another source of international supply. Meanwhile, the G7 agreed to release 100 million barrels of diesel and crude from emergency reserves, which could provide some relief.