Heating oil futures in the US rose past 2.6 dollars per gallon, approaching a four-week high, as a powerful winter storm in the Northeast lifted expectations for stronger heating demand. A snowstorm described as one of the worst on record shut schools and disrupted flights across the region, increasing near-term fuel consumption. Prices were also supported by supply data after the EIA reported distillate inventories fell by 4.6 million barrels to 120.1 million, far exceeding expectations for a 1.4 million barrel draw. At the same time, markets monitored tensions around Iran. Donald Trump said he was considering a limited military strike, while Iranian Foreign Minister Abbas Araghchi signaled a possible diplomatic solution. Still, forecasts for warmer-than-normal temperatures in the coming weeks may limit further gains.
