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16.03.202618:01:21UTC+00Heating Oil Decline From June-2022 Highs

Heating oil futures fell below $3.90 per gallon, pulling back from their highest level since June 2022 as markets adjusted to easing supply concerns. Sentiment improved after several oil tankers successfully transited the Strait of Hormuz over the weekend, reducing fears of a complete and lasting shutdown of this crucial shipping route and prompting traders to unwind part of the steep war premium embedded in energy prices. At the same time, the International Energy Agency has completed a record release of 400 million barrels from emergency reserves, with volumes now reaching markets in Asia and Oceania to provide a liquidity bridge amid constrained supplies. In addition, the US administration has granted temporary licenses allowing countries to purchase previously stranded Russian oil and petroleum products, further alleviating the acute supply tightness seen in recent trading sessions.

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