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.