US heating oil prices fell further below $4.40 per gallon on Friday, hitting their lowest level in a month, after the G7 agreed to consider releasing up to 100 million barrels of emergency crude and diesel reserves to help curb fuel costs. According to French President Emmanuel Macron, the coordinated release would be phased in over four months.
Macron noted that the initiative is intended to reduce prices amid pressure from the Trump administration to respond to increasingly tight fuel markets. Supply constraints have been driven by disruptions in the Persian Gulf, Ukrainian strikes on Russian refineries, and Moscow’s decision to extend its diesel export restrictions through October. In the US, EIA data showed distillate inventories at their lowest seasonal level on record.
