US heating oil futures slipped below $2.39 per gallon, reversing part of an earlier rally as prices tracked weaker crude oil feedstocks lower and markets digested the latest EIA report. A larger than expected build in US crude inventories alongside a reported rise in distillate stocks undercut the near term supply narrative, while softer crude prices reduced cost support for refined products and capped upside. However, heating oil remains underpinned by tightening seasonal demand, as forecasts for an intense Arctic blast continue to lift winter heating demand and raise the likelihood of fuel switching from natural gas where infrastructure allows. At the same time, easing refinery runs and lower distillate output have narrowed the seasonal buffer, increasing sensitivity to supply disruptions such as the force majeure at Kazakhstan’s Tengiz field, which has removed export cargoes from the market and limited downside despite the pullback.

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