26.02.202617:56:07UTC+00Heating Oil Surges to April 2024 Highs

US heating oil futures rose back above $2.70 per gallon on Thursday, rebounding from an earlier pullback to trade at their highest levels since April 2024. The advance came as escalating tensions in the Middle East and a recovery in crude oil feedstock prices overshadowed a record build in domestic inventories. Traders largely looked past the EIA’s massive 15.99 million-barrel jump in US crude stocks and instead focused on the high-stakes third round of nuclear talks in Geneva. Although negotiators hinted at some room for compromise, a defiant declaration from Iranian state media on uranium exports revived concerns that the talks could collapse, potentially disrupting shipments through the Strait of Hormuz. On the demand side, a late-season winter storm in the US Northeast boosted consumption, temporarily offsetting the bearish influence of unusually mild weather forecasts in the West. Supply pressures were further underpinned by reports that OPEC+ may postpone its planned April production increase if geopolitical risks persist, keeping global markets tight.