US heating oil futures dropped to around $4.17 per gallon, reaching their lowest level since late August, as expectations of faster progress toward ending the US-Iran war weighed on prices. Democrats’ victory in both chambers of Congress in the US midterm elections raised the prospect of tighter constraints on military spending and renewed efforts to reach a peace deal. Meanwhile, the US Energy Department plans to loan 300,000 barrels of fuel oil from its emergency Northeast Home Heating Oil Reserve to four companies to ease supply constraints and curb prices ahead of winter. The volume represents nearly a third of the reserve, with deliveries due by November 6. The companies must return the same amount with an additional premium before next year’s heating season. However, supply remains tight, as US distillate inventories, including diesel and heating oil, fell by 3.6 million barrels in the week ended October 30, leaving them 13% below the five-year average.