US heating oil futures rose more than 2% toward $2.50 per gallon, the highest level since November, as a massive winter storm sharply boosted demand for heating fuel. An Arctic blast sweeping across large parts of the US drove a surge in energy consumption, lifting prices across energy markets, including natural gas. The demand spike comes at a time when inventories and refinery runs are constrained, reducing the usual seasonal buffer and tightening near-term product availability. Meanwhile, crude oil benchmarks remained supported by persistent geopolitical risks, reinforcing feedstock strength for refined products. A softer US dollar added further support, improving affordability for non-US buyers.
