US heating oil futures fell below $4.80 per gallon, extending losses for a third straight session as expectations of rising fuel supplies pressured prices. The IEA agreed to speed up the release of remaining emergency oil reserves, including more than 20 million barrels of diesel. At the same time, Russia resumed diesel exports after partially easing its export restrictions, with a tanker carrying about 40,000 metric tons of diesel departing Primorsk for Morocco. These moves followed reports of a US proposal to relax sanctions on oil tankers tied to Russia’s shadow fleet, a step that could further support global oil flows.
Still, EIA data showed US distillate inventories fell by 2.5 million barrels in the week ending October 9 and remained 12% below their five-year average, underscoring ongoing supply tightness. In addition, attacks on shipping near the Strait of Hormuz and renewed strikes on Russian refineries continued to pose risks to global fuel supplies.
