Diesel And Heating Oil Stocks Fall in The United States

The supplies of fuel oil in the United States, including diesel and heating oil, have fallen, and refineries are finding it difficult to refill their stocks, which could keep prices high for months.

Demand for diesel, heating oil and other petroleum products has been increasing for months, more than pre-pandemic levels. However, production did not keep pace with this increase with the closure of some refineries since the start of the Corona pandemic, while others postponed maintenance work.

As of Thursday, heating oil futures were at $2.83, the highest price in seven years.

Fuel price hikes may become a recurring event in energy markets as companies find it increasingly difficult to deal with supply shortages.

And the availability of fuel is undergoing a real test against the very cold temperatures in most parts of the United States, which are expected to last for days. This has increased the demand for natural gas generation, and some facilities in cold regions are preparing to use more oil derivatives to meet the demand.