HEATING OIL

US heating oil futures traded around $2.47 per gallon, hovering near a one-month low of $2.467 touched on July 16th as markets assessed the latest supply levels. The EIA showed that distillate stockpiles rose by 3.454 million barrels in the week ending July 12th, against estimates of a 0.5 million barrel draw. Meanwhile, heating oil inventories rose by 252 thousand barrels. Additional pressure for energy commodities came from China’s economic slowdown in the second quarter. Conversely, the report showed that distillate fuel supplied rose by 119 thousand barrels, indicating higher demand compared to the previous week, while crude oil inventories sank.