Heating oil futures dropped by almost 4% toward $3 per gallon, the lowest in three weeks, after an unexpected increase in inventories rattled investors. The latest EIA data showed distillate stockpiles, which include diesel and heating oil, rose by 2.3 million barrels in the week to 117.6 million barrels, versus expectations for a 1.3 million-barrel drop. According to EIA's January projection, home heating with oil this winter will cost $2,342, down $12 from the agency's October forecast due to lower energy prices and a milder winter. The EIA had previously hiked its projection by several hundred dollars in November amid a spike in oil prices that has since receded.

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 February of 2023.

Heating oil is expected to trade at 2.90 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 3.33 in 12 months time.

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Heating oil

Price Day Month Year
Crude Oil 73.70 0.312 0.42% -1.63% -17.90%
Brent 80.11 0.172 0.22% 0.28% -13.57%
Natural gas 2.46 0.0539 2.24% -30.85% -41.31%
Gasoline 2.32 -0.0020 -0.09% 0.85% -13.64%
Heating Oil 2.80 0.0208 0.75% -5.33% -2.08%
Ethanol 2.18 0.0100 0.46% -3.54% 6.99%
Naphtha 689.12 -16.32 -2.31% 13.50% -17.89%
Propane 0.80 -0.01 -1.56% 8.56% -37.64%
Uranium 51.20 0 0% 4.92% 16.50%
Methanol 2,728.00 -11.00 -0.40% 7.19% -5.28%

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
2.80 2.78 5.86 0.29 1980 - 2023 USD/GAL Daily