Heating oil traded around $2 per gallon, its highest level since December 2019, on prospects that demand will rebound further in the second half of the year as vaccination rollout gathers pace. Operations at the Colonial Pipeline are expected to restart at the end of the week, after a ransomware cyberattack last Friday forced a temporary shutdown. This pipeline is the source of nearly half of the US East Coast's fuel supply, transporting 2.5 million barrels per day of gasoline and other fuels. Meantime, the latest EIA Petroleum Status Report showed US heating oil inventories fell for the second consecutive week in the April 30th week.
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 May of 2021.
Heating oil is expected to trade at 1.92 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 1.68 in 12 months time.