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BREAKING NEWS
Heating Oil Rises to 2-Month High
Heating oil futures in the US rose above $4.0 per gallon, hitting their highest level in two months, as escalating tensions in the Middle East deepened concerns over global supplies of refined fuels. The collapse of the US-Iran truce and renewed tanker attacks in the Strait of Hormuz raised fears of disruptions to fuel shipments from the Persian Gulf, while Ukrainian strikes on Russia's largest refineries continued to curb diesel exports. Seasonal refinery maintenance and years of refinery closures in the US and Europe further tightened the supply outlook. The tightening supply backdrop lifted US refining margins to record highs, with the diesel crack spread climbing above $91 per barrel. Despite a 4.6 million-barrel increase in distillate fuel inventories in the week ending July 10, EIA data showed stockpiles remained well below their five-year seasonal average.
Source: Trading Economics
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