Energy Markets 11 February 2026 - 28 February 2026

Brent crude rose $1.17 to $72.02 a barrel and U.S. WTI gained 87 cents to $66.29 Thursday as traders reacted to stalled U.S.-Iran nuclear talks in Geneva. U.S. crude inventories jumped by 16 million barrels last week, but the market largely ignored the build. OPEC+ is weighing a possible 137,000 bpd output increase for April. China may trim crude imports from April after recent price gains.

NYMEX ultra-low sulfur diesel futures slipped 0.16% to $2.5152 a gallon by early Tuesday afternoon in New York, after a strong rally Monday. Brent crude fell 0.4% to $71.24 a barrel. Traders await U.S. inventory data and the next round of U.S.-Iran nuclear talks in Geneva on Thursday. Heating oil demand in Germany dropped nearly 13% last week, Argus reported.

U.S. heating oil futures fell 0.8% to $2.59 a gallon Friday, easing after a rally sparked by a sharp drop in distillate inventories, EIA data showed. Distillate stocks dropped 4.6 million barrels to 120.1 million, about 5% below the five-year average. Brent crude slipped to $71.47 a barrel as traders watched U.S.-Iran tensions. National average residential heating oil reached $4.075 a gallon.

Brent crude slipped 19 cents to $71.47 a barrel and WTI fell 14 cents to $66.29, though both benchmarks remain near six-month highs after a 5.3% weekly gain. U.S. crude inventories dropped by 9 million barrels last week, while Saudi exports hit their lowest since September. OPEC+ paused planned output hikes for March. Tensions between the U.S. and Iran and a sharp draw in U.S. stocks kept markets volatile.

Brent crude rose 0.6% to $68.16 a barrel and U.S. West Texas Intermediate gained 43 cents to $63.32 on Monday, with no official U.S. settlement due to the Presidents’ Day holiday. Traders await U.S.-Iran nuclear talks in Geneva, while Chinese imports of Russian crude are set to hit a record in February as independent refiners buy discounted cargoes. Eight OPEC+ members will pause planned production increases in March.

Brent crude rose 0.6% to $68.16 a barrel on Monday as traders watched U.S.-Iran nuclear talks and possible OPEC+ supply increases from April. U.S. WTI gained 43 cents to $63.32, though there was no settlement due to the U.S. holiday. Thin liquidity heightened market sensitivity to headlines.

NYMEX March heating oil futures rose 2.6% to $2.4604 a gallon by late morning Wednesday after EIA data showed U.S. distillate inventories fell 2.7 million barrels last week. Crude stocks jumped by 8.5 million barrels. Traders cited Middle East tensions and next week’s U.S. inventory update as key factors.