FX.co ★ U.S. Heating Oil Stockpiles Rebound to Surplus in January 2026

The United States heating oil stockpiles have experienced a notable shift, transitioning from a deficit to a surplus as of January 22, 2026. According to the latest data, the stockpiles, which previously recorded a shortfall of 0.745 million barrels, have now increased to a surplus of 0.279 million barrels.

This turnaround marks a significant correction in the supply levels of heating oil, a crucial commodity especially during the winter months when demand typically peaks due to heating needs. The shift to a positive balance could alleviate some pressure in heating oil markets and potentially influence pricing dynamics, providing some relief to consumers amidst fluctuating energy costs.

Given the seasonal reliance on heating oil, this surplus arrives at a pertinent time, offering an indicator of responsive market adjustments and the robustness of supply chain mechanisms in the face of fluctuating demand patterns. Whether this surplus will sustain through the remainder of the winter season remains to be seen, yet it provides a buffer against potential shortages in the immediate term.