Heating Oil Rises Further After EIA
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US heating oil futures increased to nearly $2.6 per gallon due to a larger than expected decline in distillate inventories, which fell by 4.57 million barrels, significantly exceeding forecasts. This decline, coupled with a 9.01 million barrel drop in crude inventories, highlights strong refinery demand amid escalating tensions in the Middle East and rising crude costs. Although milder weather may reduce heating demand slightly, the significant inventory reductions and increased costs have tightened supply and supported higher prices.
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