Diesel futures pushed to fresh lows this week, trading at the lowest level since June. February heating oil traded more than a percent lower to $2.05 a gallon on Wednesday. Rising inventories have weighed on prices recently after futures hit multi-month highs in November.

U.S. diesel inventories rose sharply last week and hit their highest level since Jan. 3, according to the Energy Information Administration on Wednesday. Inventories tend to rise seasonally through November and December ahead of prime usage for winter heating.

Distillate production was also well ahead of seasonal averages last week, as refineries have been capitalizing on strong diesel spreads.

Retail diesel prices have fallen dramatically from their fall peak. On-highway diesel prices declined by 2.3 cents this week to an average of $3.477 per gallon, the lowest since early June. Prices were also 8.4 cents lower than the same week last year.

Crude oil prices also declined on Wednesday amid ongoing news from Venezuela. February WTI crude oil futures traded more than $1 lower to just below $56 a barrel.

Bloomberg reported that Venezuela will give the U.S. as much as 50 million barrels of oil for the U.S. to sell. Following the removal of President Nicolás Maduro, President Trump is pushing for more reinvestment from oil giants into Venezuela’s infrastructure and the revival of the country’s domestic production.

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