Heating oil futures traded below $4 a gallon, but remained not far from record levels seen at above $4.3 in March as traders assessed downside risks to oil demand and tight supplies. According to the EIA, domestic inventories of distillate fuels, which include heating oil and substitutes, shrank for the fifth time in a row in the week ending May 6th. Current levels are the lowest in 17 years, as refining capacity remained below pre-pandemic levels, and higher domestic and overseas demand drained stocks. Additionally, prospects that the EU could soon approve a Russian oil embargo strengthened the outlook for US heating oil exports.

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 May of 2022.

Heating oil is expected to trade at 4.07 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 4.55 in 12 months time.

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Heating oil



Price Day Month Year
Crude Oil 110.12 0.530 0.48% 7.76% 77.79%
Brent 110.36 1.25 1.15% 3.79% 69.50%
Natural gas 8.20 -0.1690 -2.02% 16.05% 180.31%
Gasoline 3.72 -0.0037 -0.10% 13.95% 81.56%
Heating Oil 3.68 0.0097 0.26% 0.28% 87.22%
Ethanol 2.75 -0.0200 -0.72% 4.17% 6.81%
Naphtha 890.40 -11.90 -1.32% -2.51% 51.96%
Propane 1.23 -0.01 -0.74% -6.76% 50.73%
Uranium 48.90 0.1500 0.31% -23.65% 57.74%
Methanol 2,723.00 18.00 0.67% -6.36% 6.66%


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
3.69 3.67 5.86 0.29 1980 - 2022 USD/GAL Daily