FX.co ★ Heating Oil Halts Rally After EIA Data

Heating oil futures in the United States retreated to approximately $2.30 per gallon, pausing a recent uptick that was influenced by upward trends across energy markets. This shift followed heightened tensions in the Middle East and a decision by OPEC+ to increase output by less than anticipated. However, these upward pressures were counterbalanced by a more substantial-than-expected build-up in US inventory levels. Distillate stock levels saw an increase to around 4.72 million barrels in the week ending September 5th, up from about 1.68 million barrels the week before, significantly surpassing the anticipated build of 0.2 million barrels. Moreover, crude feedstock inventories also rose by 3.94 million barrels during the same period, exceeding the forecasted increase of 2.42 million barrels.