Written on: July 29, 2026
Petroleum futures are rallying on Wednesday, led by gains of over 6% in crude oil futures as renewed attacks in the Middle East dampened hopes for diplomacy in the region. Bullish crude oil stock data from the American Petroleum Institute (API) and mostly higher trade in US stock market index futures were also supportive this morning. With a relatively quiet day ahead on the economic calendar, market participants looked ahead to the weekly Petroleum Status Report from the Energy Information Administration (EIA) and the FOMC announcement (no change in rates is expected) for further direction.
Bloomberg News reports that a fresh round of fighting erupted across the Middle East overnight, as US Central Command said it intercepted a “surprise” Iranian attack on US troops. According to Bloomberg, Iranian media said the US struck the country’s West Azerbaijan province after Iran’s military targeted a US airbase and commander center in Jordan with ballistics missiles. Moreover, the US military and Saudi Arabia also struck “Iran-aligned terrorists” in Iraq after they were directed by the IRGC to target American forces and Saudi energy Infrastructure, per Bloomberg. Also in the news, the API reported a 3.30mb draw from crude oil stockpiles, for the week ended July 24th, topping forecasts calling for a 0.17mb decline (average of polls by Bloomberg and the Wall Street Journal). Data for distillates, however, were bearish as the API reported a surprise build of 0.40mb, against expectations showing a 0.18mb draw. Gasoline inventory figures were bearish as well with the API reporting a surprise increase of 0.90mb, while predictions called for a 0.91mb draw.
Written on: July 21, 2026
Energy prices are extending its rally on Tuesday morning as US-Iran strikes in the Persian Gulf reach their 10th day and with mostly higher trade in global equities. With yet another quiet day ahead on the economic calendar, market participants must look elsewhere for further direction. Bloomberg News reports US Central Command targeted Iranian military command centers, launch sites, and air defenses overnight. Iran attacked sites in Kuwait, Jordan and the UK navy reported strikes on two vessels near the Strait of Hormuz.
The Houthis said they would impose a ban on maritime traffic from Saudi Arabia, despite reports of mediators proposing a 10-day cessation of strikes between the US and Iran.
Written on: July 9, 2026
Energy futures are rising sharply on Wednesday with news of a flare-up in violence between the US and Iran in the Persian Gulf.
In response to the recent attacks on commercial ships attempting to transit the Strait of Hormuz, the US launched a fresh wave of strikes against Iran and revoked a waiver allowing the sale of Iranian crude oil. Iran responded by launching attacks on US-allied military sites across the Persian Gulf. US President Donald Trump, while at the NATO summit in Turkey, stated that the US-Iran ceasefire has ended.
Written on: June 26, 2026
Energy prices are seeing losses of over 2% as of Friday morning amid reports of continued traffic through the Strait of Hormuz and losses in global equities. Market traders are looking ahead to the US international trade in goods and services balance, the University of Michigan Consumer Sentiment Index and to weekly US rig counts from Baker Hughes for further direction.
Bloomberg News reports that despite the attack on a container vessel sailing through the Strait of Hormuz yesterday, traffic continued to flow in both directions on Friday. Two fully laden tankers are heading out of the Persian Gulf, while four empty, inbound, very large crude carriers are among the vessels sailing along the Omani coast, ship-tracking data show, according to Bloomberg.
The National Hurricane Center continues to see no tropical cyclone activity in the Atlantic over the next 7 days.
Written on: June 1, 2026
Crude oil and ULSD futures are seeing gains of over 1.5% on Monday amid news of renewed US-Iran clashes over the weekend and mostly higher global equities, despite some strength in the US dollar index. Market participants are looking ahead to the final May US Manufacturing PMI, the ISM Manufacturing Index and to US construction spending data for further direction.
Bloomberg News reports that the US struck Iranian radar and command-and-control sites over the weekend after a drone was shot down over international waters. Bloomberg also reports that Kuwait said its air defenses were responding to “hostile missile and drone attacks” Monday morning.
Written on: May 19, 2026
Bloomberg News reports that President Donald Trump called off a new military bombardment of Iran planned for today after Saudi Arabia and other Persian Gulf allies wanted more time to pursue diplomacy with Tehran. According to Bloomberg, President Trump said the US is prepared to renew attacks against the Islamic Republic if an acceptable deal isn’t reached but didn’t set a concrete deadline for an agreement to be made.
Energy prices continue their wild swings back and forth, but the one constant has been higher prices – much higher than we have seen. Summer driving season is upon us so the hope is energy prices will return to lower levels at some point later this summer.
Written on: May 8, 2026
Energy prices have been trading higher amid news of continued attacks on the United Arab Emirates and in the Strait of Hormuz. Bloomberg reported that US forces hit military targets in Iran after Tehran fired on three destroyers in the Straits. The UAE said their air-defense systems were intercepting missiles and drones earlier this morning.
Written on: May 1, 2026
The average heating oil price in our area continues to hover in the $6 per gallon range.
Energy prices are seeing some losses this morning. Concerns of oil shortages, news that Japan may intervene in their crude oil market and flat-to-higher trade in US stock market index futures may lead to another spike in energy prices like we say on Wednesday.
Written on: April 16, 2026
Energy prices are continuing to increase this morning amid the continued blockade of the Strait of Hormuz.
Bloomberg News reports that traders are weighing signs that the US and Iran may extend a ceasefire against a double blockade of the Strait of Hormuz that continues to impede flows. Bloomberg also reports that Ali Abdollahi, the commander of Iran’s joint military headquarters, “will not permit any exports or imports” in the Persian Gulf, the Sea of Oman or the Red Sea if the blockade continues.
Written on: March 31, 2026
Iran-backed Houthi militants have joined the war in the Middle East, running heating oil, natural gas and gasoline futures higher.
Refined futures are unchanged earlier in the morning, with crude oil futures seeing modest gains. Higher trade in both US stock market index futures and European equities, as well as losses in the US dollar index were supportive this morning. Market participants looked ahead to monthly Canadian GDP figures, the US Case-Shiller Home Price Index, US Consumer Confidence data, and to the US Job Openings and Labor Turnover Survey (JOLTS) for further direction.
The latest weather forecast sees mixed temperatures in the Midwest, with mostly above-normal temperatures seen in the Northeast. Over the next 6-10 days, mostly below-normal temperatures are expected in the Midwest, while near- to above-normal temperatures are forecasted in New England, save for northern Maine where below-normal temperatures are seen.
Written on: March 24, 2026
Dear Valued Customer,
The war in the Middle East has resulted in an almost unprecedented increase in fuel prices — including oil, propane, natural gas, and gasoline. Electric rates are sure to follow.
We know how frustrating this is. It is extraordinarily frustrating for us as well and creates tremendous pressure on our business. Like all fuel providers, we purchase heating fuel daily at wholesale prices set by global energy markets. After the war started, the price per gallon we paid jumped by an astonishing 75 cents in the first 7 days and by over $1.90 in the month of March.
We have no way of knowing what will happen tomorrow, let alone in a month or six months. In the past, we have seen prices plummet just as quickly as they have spiked. But when that will happen again is anyone’s guess.
We still have cold weather to deal with. If we deliver according to our schedule, we know some of you might suspect we are just trying to make as much as we can. However, if we delay deliveries, prices could rise even more, and customers could run out of fuel.
We want to be clear about a few things:
We are committed to taking care of you and your family, no matter what challenges we have to deal with. Our company has spent years building strong relationships with suppliers to ensure we have enough fuel, even in situations like these.
If you have questions about your account or would like to discuss anything else with us, please do not hesitate to reach out. We are here to help. You can also keep up to date on these topics on the Price Reports section of our website which is updated weekly.
Hopefully, the war will come to an end soon, pressure on supplies will ease, and prices will drop. Until then, please join us in praying for our troops.
Sincerely,
Rick Bologna
Vice President
Westmore Fuel