Trump administration taps heating oil reserve in bid to lower prices as election looms

What happened: The U.S. Department of Energy said it will loan up to 315M barrels of heating oil stockpiled in Maine, Massachusetts, and Connecticut to bring down soaring prices ahead of the November 3 midterm elections. Key numbers: 315M barrels of heating oil; heating oil costs up ~80% from last year; diesel retail averaged ~$6.32/gal after a record $6.52/gal; 172M barrels of crude loaned Why it matters: Analyst Tom Kloza at Gulf Oil called the move "puzzling and probably inconsequential" and said it likely would have no impact on prices. ULSD futures fell following news of the release. Coverage: 4 outlets in 24h

The U.S. Department of Energy said it will loan up to 315M barrels of heating oil stockpiled in Maine, Massachusetts, and Connecticut to bring down soaring prices ahead of the November 3 midterm elections.

Analyst Tom Kloza at Gulf Oil called the move "puzzling and probably inconsequential" and said it likely would have no impact on prices. ULSD futures fell following news of the release.