Winter is coming and oil supplies are tight

Tight oil supplies heading into winter are bad news for countries that depend on imported heating fuel, and a risk to anyone watching energy prices.

• Oil supplies are tight just as heating season starts.
• Cold regions could struggle to stay warm if supplies do not loosen up.
• The pain falls hardest on poorer countries that import their energy, not on the US.
• The US has enough supply to ride out the winter, so the squeeze shows up as higher prices rather than shortages.

Outlook: Expect upward pressure on heating and energy costs as winter demand kicks in, with the worst strain abroad.