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US heating oil prices climbed to around $5.12 per gallon, their highest level on record, amid persistent tight distillate supplies. EIA data showed that US distillate stockpiles, which include diesel and heating oil, rose by 2.1 million barrels in the week ended September 4, but remained 13% below the five-year average, indicating that inventories remain low. US refineries also operated at 97.8% of capacity during the week, leaving limited room to further increase distillate production. The supply squeeze comes as global supply risks intensify on multiple fronts, with Houthi attacks targeting Saudi energy infrastructure, prolonged disruptions in the Strait of Hormuz, and Ukrainian attacks on Russian refineries further constraining diesel supplies amid Russia’s export curbs. Meanwhile, seasonal agricultural activity and the approaching winter heating season could further boost distillate demand, putting additional pressure on already-tight supplies.
