US heating oil futures fell more than 4% to about $2.42 per gallon, pulling back from a ten-week high of $2.65 reached on January 27, as milder weather forecasts eased near-term demand concerns. Forecasts show warmer than normal temperatures across large parts of the US through mid month, which is likely to reduce heating needs despite ongoing cold in parts of the southern states. Inventory data also weighed on prices, with distillate stockpiles rising by 329 thousand barrels in the week ended Jan 23, against expectations for a draw, while heating oil inventories posted a second consecutive weekly build. Still, prices remain well above early January levels, having been supported by earlier cold driven demand, refinery disruptions, and fuel switching as high natural gas prices pushed some power generators to use fuel oil instead.

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