Heating Oil Extends Losses
US heating oil futures fell below $4.80 per gallon, extending losses for a third consecutive session as prospects for increased fuel supplies weighed on prices. The IEA agreed to accelerate the release of remaining emergency oil stocks, including more than 20 million barrels of diesel. Meanwhile, Russia resumed diesel exports following a partial easing of restrictions, with a tanker carrying around 40,000 metric tons of diesel departing Primorsk for Morocco. These developments followed reports of a US proposal to ease sanctions on oil tankers linked to Russia's shadow fleet, potentially facilitating global oil flows. However, EIA data showed that US distillate inventories fell by 2.5 million barrels in the week ending October 9, highlighting persistent supply tightness. Attacks on shipping near the Strait of Hormuz and renewed strikes on Russian refineries also continued to threaten global fuel supplies.
US heating oil futures fell below $4.80 per gallon, extending losses for a third consecutive session as prospects for increased fuel supplies weighed on prices. The IEA agreed to accelerate the release of remaining emergency oil stocks, including more than 20 million barrels of diesel. Meanwhile, Russia resumed diesel exports following a partial easing of restrictions, with a tanker carrying around 40,000 metric tons of diesel departing Primorsk for Morocco. These developments followed reports of a US proposal to ease sanctions on oil tankers linked to Russia's shadow fleet, potentially facilitating global oil flows.
However, EIA data showed that US distillate inventories fell by 2.5 million barrels in the week ending October 9, highlighting persistent supply tightness. Attacks on shipping near the Strait of Hormuz and renewed strikes on Russian refineries also continued to threaten global fuel supplies.