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IPC Index — Mexico MarketUS heating oil futures rebounded above $2.15 per gallon after hitting seven-month lows near $2.06 on January 7th, closely tracking a sharp recovery in crude benchmarks as tighter US crude balances and renewed geopolitical risks lifted the broader energy complex. WTI jumped more than 4% over two sessions after a larger-than-expected 3.8 million barrel draw in US crude inventories highlighted firmer physical conditions, while fresh uncertainty over Venezuelan supply following tanker seizures and tougher sanctions enforcement reinforced near-term supply risk. Despite the rebound, heating oil remains fundamentally pressured by ample supply, with US distillate inventories rising 5.59 million barrels in the latest EIA report for an eighth straight weekly build. Persistently warmer-than-normal temperatures across much of the eastern US through mid-January continue to curb seasonal heating demand, limiting follow-through and keeping gains largely dependent on crude strength.
