Heating oil futures in the US rose past $2.70 per gallon, hitting their highest level since April 2024, as a severe winter storm sweeping the Northeast has boosted forecasts for short-term heating demand. The storm, the strongest in a decade, caused travel chaos, school and business closures, and kept millions indoors. While the snowfall eased in parts of the region, the National Weather Service warned of another system likely to bring more snow later this week. Meanwhile, investors watched a new round of US-Iran talks, with Trump favoring a deal but warning of serious consequences if negotiations fail. Concerns over Middle East tensions and supply disruptions have also supported prices recently. Last week, EIA data showed a 4.6 million-barrel drop in distillate inventories, far exceeding the expected 1.4 million-barrel decline.
