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13.11.202601:19:44UTC+00Heating Oil Holds Gains

US heating oil futures hovered near $4.28 per gallon after rebounding from their lowest level since early August, as traders weighed persistent geopolitical tensions against signs of improving US supplies. President Donald Trump indicated that the US could abandon efforts to secure an agreement with Iran, undermining hopes for a diplomatic breakthrough. He also reassigned Vice President JD Vance to focus on domestic priorities, casting further doubt on ongoing backchannel negotiations. At the same time, continued attacks on shipping and energy infrastructure in the Middle East, along with intensified Ukrainian strikes on Russian energy assets, sustained concerns about potential global supply disruptions. On the supply side, EIA data showed that US distillate inventories—including diesel and heating oil—rose by 4.1 million barrels in the week ended November 6, the largest weekly increase since July. The build provided some relief, though stockpiles remained 8% below the five-year average.

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