15.05.202609:04:25UTC+00Heating Oil Futures Rebound

Heating oil futures for delivery at New York Harbor rose above $4.00 per gallon, erasing losses from a two-day decline amid growing concerns over prolonged supply disruptions in the Middle East. The rebound followed President Donald Trump’s tougher stance on Tehran, as he declared he would no longer wait on Iran and urged its leadership to reach a deal with the United States.

Since the war began in March, exports of distillate products from the region have been largely halted, straining refineries and driving heating oil futures to a record high of $4.60 earlier in the month. Meanwhile, EIA data released this week showed that US distillate fuel inventories increased by 200,000 barrels in the first week of May, defying expectations for a 2.8 million-barrel draw. This stood in contrast to a 4.1 million-barrel decline in gasoline stocks, indicating that refineries prioritized diesel and jet fuel production in response to tight global transportation fuel supply conditions.