Heating oil futures rebounded towards $2.2 per gallon in the last week of November, following an 11.5% plunge last Friday triggered by fears over the newly discovered, possibly vaccine-resistant and more infectious omicron coronavirus variant. Some of those woes faded after South African doctors said patients infected with the omicron variant were showing mild symptoms and that Moderna could have a reformulated vaccine ready by early 2022. Meanwhile, higher heating demand prospects at the start of the winter heating season and hopes of an OPEC+ supply cut announcement later in the week aided sentiment.

Historically, Heating oil reached an all time high of 4.16 in July of 2008. Heating oil - data, forecasts, historical chart - was last updated on November of 2021.

Heating oil is expected to trade at 2.04 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 1.90 in 12 months time.

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Heating oil


Price Day Month Year
Crude Oil 66.55 -3.4000 -4.86% -19.28% 49.38%
Brent 68.99 -4.4500 -6.06% -18.56% 45.49%
Natural gas 4.61 -0.2450 -5.05% -11.13% 60.03%
Gasoline 1.98 -0.0973 -4.68% -17.83% 62.23%
Heating Oil 2.06 -0.0898 -4.17% -17.61% 53.07%
Ethanol 3.43 -0.0250 -0.72% 27.56% 135.80%
Naphtha 734.03 2.31 0.32% -5.14% 97.99%
Propane 1.26 -0.01 -0.69% -11.10% 131.39%
Uranium 47.25 -0.1500 -0.32% 7.88% 62.09%
Methanol 2,651.00 11.00 0.42% -5.86% 18.45%


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.