How High Can Heating Oil and Distillate Prices Rise?

Oil and oil products have rallied as the conflict in the Middle East has escalated and expanded. Heating oil is a proxy for distillates, including jet and diesel fuels. At the most recent high of over $5 per gallon wholesale, NYMEX heating futures remain below the 2022 all-time high but could be on track to challenge the record over the coming weeks.The index of oil up by Pashalgnatov via istock