FX.co ★ Heating Oil Futures Rebound from 3-Week Low

Heating oil futures in the United States experienced an increase of over 3%, reaching $2.07 per gallon, after recovering from a three-week low of approximately $2 on May 30. This rise was bolstered by overall gains in the energy market and an unexpected decrease in stockpiles. Oil prices saw an approximate 4% jump following OPEC+'s confirmation of a July output increase by 411,000 barrels per day, consistent with the growth rate over the past two months, alleviating concerns about a more significant hike. From a supply perspective, data from the Energy Information Administration (EIA) revealed an unanticipated decline in US distillate fuel inventories for the week ending May 23, indicating tighter supply, despite a consecutive two-week increase in production.