FX.co ★ Heating Oil Steadies Around $2.4

US heating oil futures stabilized around $2.40 per gallon due to a milder short-term weather forecast, which tempered expectations for increased heating demand. Predictions of warmer-than-usual temperatures through mid-month hindered the market's potential to prolong the rally seen in late January. Despite this, crude oil dynamics provided some support, as US crude inventories decreased by approximately 3.46 million barrels in the week ending January 30th, with West Texas Intermediate (WTI) futures holding steady near $64 per barrel. Notably, distillate stocks experienced a significant drawdown of about 5.55 million barrels, reversing the previous week's build and indicating robust consumption during the recent Arctic cold conditions.