Heating Oil Holds Losses
Heating oil futures traded below $4.80 per gallon, holding recent losses as investors assessed renewed diplomatic efforts to ease US-Iran tensions. Officials from Saudi Arabia, Pakistan and Turkey reportedly held talks with Iranian leaders, while Supreme Leader Mojtaba Khamenei called for an end to the current state of “neither war nor peace.” Further downside came from the US plan to loan up to 315,000 barrels from the Northeast Home Heating Oil Reserve and expectations of additional Russian diesel supplies, with the first shipment still en route to the US East Coast. Meanwhile, industry data showed distillate inventories rose by 380,000 barrels in the week ended October 23, partly reversing the previous week's 2.6 million-barrel draw. However, supplies remained tight and below seasonal norms ahead of winter, limiting further losses. Traders now await fresh inventory data from EIA for further direction.
Heating oil futures traded below $4.80 per gallon, holding recent losses as investors assessed renewed diplomatic efforts to ease US-Iran tensions. Officials from Saudi Arabia, Pakistan and Turkey reportedly held talks with Iranian leaders, while Supreme Leader Mojtaba Khamenei called for an end to the current state of “neither war nor peace.” Further downside came from the US plan to loan up to 315,000 barrels from the Northeast Home Heating Oil Reserve and expectations of additional Russian diesel supplies, with the first shipment still en route to the US East Coast.
Meanwhile, industry data showed distillate inventories rose by 380,000 barrels in the week ended October 23, partly reversing the previous week's 2.6 million-barrel draw. However, supplies remained tight and below seasonal norms ahead of winter, limiting further losses. Traders now await fresh inventory data from EIA for further direction.