Heating oil futures have declined to approximately $2.4 per gallon following a recent increase to one-month highs. This decline is attributed to a reversal in both crude feedstock costs and distillate market balances. The Energy Information Administration released data indicating an unexpected increase of 2.931 million barrels in US distillate stocks for the week ending July 18th, surpassing the analysts' prediction of a 1.1 million-barrel decrease. The increase in distillate supply has exceeded end-user demand, which generally decreases before the peak winter season stocking, thus reducing refiners’ profit margins. In addition, crude oil prices have fallen for the fourth consecutive session due to OPEC+ discreetly increasing output, while traders await key US inventory data. This has alleviated the cost pressures that previously supported heating oil crack spreads.
FX.co ★ Heating Oil Eases from 1-Month Highs
Heating Oil Eases from 1-Month Highs
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