Heating Oil Tracks Crude Lower
U.S. heating-oil futures tumbled to about $2.12 a gallon, approaching their lowest level in almost three years of $2.00 on April 8th, as feedstock costs have tumbled amid renewed uncertainty over U.S.–China trade talks. Treasury Secretary Scott Bessent’s “up to China” refrain underscoring a standstill—and growing fears of oversupply. Analysts at Barclays have already shaved $4 off their 2025 Brent forecast to $70, while OPEC+ members hint at accelerating May output hikes at their May 5th meeting, compounding Kazakhstan’s defiance of production rules and the potential for fresh Iranian barrels should nuclear sanctions ease.