Heating Oil Plunges
US heating oil futures plunged to approximately $2.29 per gallon, retreating from a six-week high reached on October 7, amid easing oil supply concerns and a weakened demand outlook from China, the world's largest importer. OPEC's spare capacity and stable global crude supplies have alleviated some supply worries that had triggered the latest rally. Additionally, commodity prices fell after the National Development and Reform Commission of China provided disappointing updates. Instead of a anticipated stimulus package totaling trillions of yuan, Zheng only mentioned bringing forward 100 billion yuan from next year's investment budget, leaving investors disheartened and raising concerns about demand. Meanwhile, investors are closely monitoring Israel's possible retaliation following Iran's recent missile strike, which may involve targeting Iranian oil facilities. President Biden has cautioned against attacking these facilities, advocating for alternative approaches.