U.S. heating oil futures fell more than 3% to around $2.21 per gallon on Thursday, retreating from a five-week high, as crude benchmarks slid on reduced geopolitical risk premiums. President Trump said reports indicated that Iran’s crackdown on anti-government protesters was calming and that large-scale executions were not planned, reducing fears of US military intervention and potential supply disruptions across the broader energy complex. Meanwhile, EIA data showed heating oil inventories fell by roughly 745K barrels last week, the largest weekly draw in months, reflecting tighter near-term availability. However, the impact on prices remains limited due to ample overall crude and distillate supplies, as well as persistently warmer-than-normal temperatures across the eastern US that continue to suppress seasonal demand. US crude stocks rose 3.39 million barrels, while distillates recorded only a marginal draw of about 29K barrels, below market expectations.

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