02.11.202605:09:50UTC+00Heating Oil Slides to 4-Week Low

US heating oil prices fell to $4.56 per gallon, the lowest level in four weeks, as Qatari-mediated negotiations aimed at de-escalating the US-Iran conflict eased fears of renewed hostilities. US Secretary of State Marco Rubio said on Saturday that President Trump had not yet decided on any new strikes against Iran and that Washington remained open to a diplomatic resolution. Expectations of increased fuel supply added further downward pressure on prices. Europe plans to release 42 million barrels from strategic reserves over three months, with about half consisting of diesel, while additional Chinese export quotas and higher output in other regions are expected to bolster global availability. Potentially higher Russian diesel shipments to the US and other markets could also help alleviate supply tightness, following a temporary US Treasury authorization for certain transactions involving Russian diesel. Nonetheless, supply constraints remain, with inventories still 10% below their five-year seasonal average as of October 23.