US Heating Oil Falls as Government Releases Emergency Supplies

Heating oil prices in the US fell toward $4.80 a gallon as the Trump administration moved to release emergency fuel supplies to ease rising costs ahead of the midterm elections. The Energy Department announced plans to loan 315,000 barrels from the 1 million-barrel Northeast Home Heating Oil Reserve, with deliveries expected to be completed by November 13. Energy Secretary Chris Wright described the move as a temporary response to supply disruptions. Around 4% of US households rely on heating oil, particularly in northeastern states, although the release is unlikely to materially affect the broader diesel market, given that the East Coast consumes approximately 1.2 million barrels of diesel and other distillates daily. Established under President Bill Clinton, the reserve is designed to provide the region with roughly 10 days of supply and was previously used following Hurricane Sandy and major snowstorms in 2012.