04.09.202516:57:58UTC+00Heating Oil Plunges from 1-Month High After EIA

Heating oil futures have declined to approximately $2.30 per gallon, retreating from the one-month high of $2.37 seen on September 2nd. This decrease is attributed to increased US distillate and heating oil inventories, alongside a general drop in crude oil feedstock prices. The latest report from the US Energy Information Administration (EIA) highlighted a rise in distillate stocks by 1.68 million barrels for the week ending August 29th. This uptick reverses the previous week's decrease of 1.79 million barrels and far exceeds the anticipated draw of 0.5 million barrels. Additionally, heating oil inventories saw an increase of 557,000 barrels during this period, compared to a modest rise of 102,000 barrels the preceding week. Meanwhile, crude oil prices have fallen due to heightened global production and expectations of further increases in output from OPEC+ members, sparking concerns about an oversupplied market.