Heating Oil Extend Gains
US heating oil prices rose above $4.60, extending gains from the previous session, as renewed supply concerns added to an already tight refined-products market. A developing storm in the Gulf of Mexico could disrupt oil and refining operations, with refineries in US Gulf states accounting for about 50% of the national refining capacity of 18.2 million barrels per day. Meanwhile, continued attacks in the Middle East raised concerns over energy flows despite increased regional shipments, while disruptions to Russia’s refining operations and extended diesel-export restrictions, along with China’s reported suspension of October fuel exports, added to global diesel supply constraints. The EIA raised its 2026 and 2027 oil price forecasts, citing rapidly falling global inventories and tight diesel markets. Separately, the Trump administration ordered temporary relief from certain diesel-tax payments and penalties for using dyed diesel on highways through the year-end.
60, extending gains from the previous session, as renewed supply concerns added to an already tight refined-products market. 2 million barrels per day. Meanwhile, continued attacks in the Middle East raised concerns over energy flows despite increased regional shipments, while disruptions to Russia’s refining operations and extended diesel-export restrictions, along with China’s reported suspension of October fuel exports, added to global diesel supply constraints. The EIA raised its 2026 and 2027 oil price forecasts, citing rapidly falling global inventories and tight diesel markets.
Separately, the Trump administration ordered temporary relief from certain diesel-tax payments and penalties for using dyed diesel on highways through the year-end.