Heating oil futures fell to $3.2 per gallon, closing in on their lowest level since April, as traders digested the latest EIA inventory data and worry about the demand outlook. Heating oil stocks rose by 23 thousand barrels in the week ended July 29th, compared to a 12 thousand barrels decline in the prior week, as reported by EIA. On the demand side, cuts in Russian gas flows to Europe through the Nord Stream 1 pipeline could force consumers to switch to oil. However, growing recession concerns spurred by aggressive monetary tightening and against the background of slowing economic data are set to weigh on the demand outlook.
Historically, Heating oil reached an all time high of 5.86 in April of 2022. Heating oil - data, forecasts, historical chart - was last updated on August of 2022.
Heating oil is expected to trade at 3.78 USD/GAL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 4.27 in 12 months time.