Heating oil futures dropped toward $4 per gallon on Wednesday as traders weighed tentative hopes for a Middle East ceasefire against a tighter domestic supply outlook. The benchmark found relief after President Donald Trump indicated that Iran is seeking a ceasefire, with the President clarifying that the US would only consider a deal once the Strait of Hormuz is fully operational and secure.

These developments helped pull energy prices back from the staggering highs seen in March when oil prices surged more than 50% marking their largest monthly gain since 2020. Meanwhile, US heating oil stockpiles slipped by 0.81 million barrels in the week ended March 27th following a 0.24 million-barrel decline in the previous week. This coincided with a significant decrease in distillate stocks which fell by 2.11 million barrels over three times the expected draw while crude oil inventories increased by a larger-than-expected 5.45 million barrels.

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