Supplies of diesel and heating oil in the United States have dwindled as refiners are having trouble replenishing the domestic fuel supply this winter, which may keep oil prices elevated for months. Heating oil futures reached $2.83 per gallon at the market’s close on Feb. 4, the highest price in seven years. U.S. and global benchmarks for crude-oil futures hit above $90 a barrel, as a harsh winter storm affected large portions of the country, adding to existing supply concerns. The latest national average price for diesel was at $3.78 per gallon, the highest since September 2014. Fuel production in the United States has not kept up with demand for months with East Coast stockpiles at their lowest levels since April 2020. When inventories are low, refiners generally respond by ramping up output, but several key U.S. refineries have been out of action since the start of the pandemic, while others …
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