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.

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Heating oil

Price Day Month Year
Crude Oil 88.46 0.470 0.53% -6.86% 29.56%
Brent 94.86 0.740 0.79% -2.30% 34.17%
Natural gas 7.99 -0.1170 -1.44% 45.71% 92.94%
Gasoline 2.85 0.0582 2.08% -7.79% 26.27%
Heating Oil 3.20 -0.1213 -3.63% -4.47% 53.37%
Ethanol 2.45 0.0450 1.87% 2.51% 11.36%
Naphtha 677.54 -4.03 -0.59% -13.96% 3.13%
Propane 1.07 -0.01 -0.99% -6.53% -1.92%
Uranium 48.70 -0.1000 -0.20% -1.12% 52.43%
Methanol 2,506.00 0 0% 1.05% 3.21%

Heating oil
Heating oil, also known as No. 2 fuel oil, accounts for about 25% of the yield of a barrel of crude, the second largest "cut" after gasoline. The heating oil futures contract trades in units of 42,000 gallons (1,000 barrels) and is based on delivery in New York harbor, the principal cash market trading center. The heating oil futures contract is also used to hedge diesel fuel and jet fuel, both of which trade in the cash market at an often stable premium to NYMEX Division New York harbor heating oil futures. The Heating Oil market prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Actual Previous Highest Lowest Dates Unit Frequency
3.20 3.34 5.86 0.29 1980 - 2022 USD/GAL Daily