Why Heating Oil Inventories Are Defying the Crude Rally

The Commodities Economy with Fexingo: Oil, Gold, Wheat, and Raw Material Markets · Jun 3, 2026 · 6m · transcript

Crude oil is up roughly nine percent in a week, but heating oil markets are telling a very different story. In this episode, Lucas and Luna unpack why distillate inventories are building even as crude supplies tighten, and what that divergence says about the broader economy. They examine how the collapse in diesel demand — driven by slower trucking, a cooling housing market, and China's refining overcapacity — is reshaping the futures curve. They also explore the implications for energy stocks like ExxonMobil and Chevron, and ask whether the crude rally can survive what the middle of the…