Heating Oil Falls on Prospects for More Russian Fuel
US heating oil futures fell to around $4.80 per gallon as US President Donald Trump's decision to waive key sanctions and tariffs on Russia raised prospects for increased Russian diesel exports. Trump said the move would help facilitate peace talks with Moscow, while Secretary of State Marco Rubio said the administration would assess its economic impact over the next 60 days. However, supply risks remained elevated as attacks on commercial vessels disrupted shipments through the Persian Gulf, with crude flows falling to around 8.5 million barrels per day last week from more than 20 million barrels per day the previous week, according to Kpler. Adding to regional tensions, Egypt said it was ready to support Saudi Arabia against Yemen's Iran-aligned Houthis. Meanwhile, EIA data showed that US distillate inventories fell by 2.5 million barrels in the week ending October 9, leaving stocks 12% below their five-year average and highlighting persistent supply tightness.
Story updates
US heating oil futures fell to around $4.80 per gallon as US President Donald Trump's decision to waive key sanctions and tariffs on Russia raised prospects for increased Russian diesel exports. Trump said the move would help facilitate peace talks with Moscow, while Secretary of State Marco Rubio said the administration would assess its economic impact over the next 60 days. However, supply risks remained elevated as attacks on commercial vessels disrupted shipments through the Persian Gulf, with crude flows falling to around 8.5 million barrels per day last week from more than 20 million barrels per day the previous week, according to Kpler.
Adding to regional tensions, Egypt said it was ready to support Saudi Arabia against Yemen's Iran-aligned Houthis. Meanwhile, EIA data showed that US distillate inventories fell by 2.5 million barrels in the week ending October 9, leaving stocks 12% below their five-year average and highlighting persistent supply tightness.