Actual
4.6761
Daily Change
0.09 1.93%
Monthly
0.73%
Yearly
94.95%
Q4 Forecast
4.8263
Heating oil - Summary

US heating oil prices traded around $4.60 a gallon, near a three-week low as expectations of stronger fuel supply eased market concerns. Europe plans to release 42 million barrels from strategic reserves over three months, half of which will be diesel, while additional Chinese fuel-export quotas and higher production elsewhere are expected to improve availability. Reports of an agreement to increase Russian diesel supplies to the US and global markets could also ease tightness, following temporary US Treasury authorization for certain transactions involving Russian diesel. However, US distillate inventories fell by 1.5 million barrels in the week ended October 23, leaving stocks 10% below their five-year seasonal average and highlighting persistent domestic supply constraints. Prices also faced pressure as diplomatic contacts between Washington and Tehran reduced some fears of renewed US military strikes on Iran and further disruptions to Middle Eastern energy flows.

Heating oil - Stats

Heating Oil rose to 4.68 USD/Gal on October 30, 2026, up 1.93% from the previous day. Over the past month, Heating Oil's price has risen 0.73%, and is up 94.95% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. 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 November 1 of 2026.

Heating oil - Forecast

Heating Oil rose to 4.68 USD/Gal on October 30, 2026, up 1.93% from the previous day. Over the past month, Heating Oil's price has risen 0.73%, and is up 94.95% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil is expected to trade at 4.83 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 5.63 in 12 months time.



Price Day Month Year Date
Crude Oil 104.12 2.120 2.08% 12.11% 70.74% Oct/30
Brent 113.43 2.630 2.37% 10.87% 75.13% Oct/30
Natural gas 2.90 -0.0540 -1.83% -2.33% -29.73% Oct/30
Gasoline 3.16 0.0684 2.22% -7.23% 66.26% Oct/30
Heating Oil 4.68 0.0886 1.93% 0.73% 94.95% Oct/30
Ethanol 1.79 0.0150 0.85% -11.63% 4.08% Oct/30
Naphtha 982.09 32.42 3.41% 18.48% 81.01% Oct/30
Propane 1.29 0.03 2.76% 42.44% 90.62% Oct/30
Uranium 92.55 0.3000 0.33% 3.47% 12.32% Oct/30
Methanol 3,615.00 -27.00 -0.74% -11.87% 69.80% Oct/30


Heating oil
Heating oil, also known as No. 2 fuel oil, is a key refined petroleum product used for residential heating, as well as a proxy for diesel and jet fuel markets. It represents a significant share of the output from a barrel of crude oil and plays an important role in both energy consumption and seasonal demand trends. Heating oil futures are traded on NYMEX and serve as a benchmark for distillate fuels, including diesel and jet fuel, which often trade in the physical market at a premium to futures prices. Each contract represents 42,000 gallons (equivalent to 1,000 barrels) and is based on delivery in New York Harbor, a principal trading and distribution hub for refined petroleum products. Heating oil prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official benchmark prices. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
4.68 4.59 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil Falls to 3-Week Low
US heating oil prices traded around $4.60 a gallon, near a three-week low as expectations of stronger fuel supply eased market concerns. Europe plans to release 42 million barrels from strategic reserves over three months, half of which will be diesel, while additional Chinese fuel-export quotas and higher production elsewhere are expected to improve availability. Reports of an agreement to increase Russian diesel supplies to the US and global markets could also ease tightness, following temporary US Treasury authorization for certain transactions involving Russian diesel. However, US distillate inventories fell by 1.5 million barrels in the week ended October 23, leaving stocks 10% below their five-year seasonal average and highlighting persistent domestic supply constraints. Prices also faced pressure as diplomatic contacts between Washington and Tehran reduced some fears of renewed US military strikes on Iran and further disruptions to Middle Eastern energy flows.
2026-10-29
Heating Oil Prices Decline
Heating oil prices in the US resumed their decline to around $4.70 per gallon amid expectations of increased Russian diesel supplies. US Energy Secretary Chris Wright said Washington could allow additional Russian diesel shipments under a temporary sanctions waiver. Russian refineries also increased crude processing by around 25% in the second half of October compared with the beginning of the month, while diesel output rose to an estimated 225,000 metric tons per day. Meanwhile, the US plans to exchange up to 315,000 barrels from its Northeast Home Heating Oil Reserve. However, supply risks remained elevated after Yemen's Iran-aligned Houthis claimed to have struck Saudi Arabia's Ras Tanura refinery, while concerns over possible renewed US military action against Iran persisted. US distillate inventories fell by 1.5 million barrels in the week ended October 23, leaving them 10% below their five-year seasonal average.
2026-10-28
Heating Oil Holds Near Record
Heating oil prices in the US traded above $4.90 per gallon, not far from their record high of around $5.20 reached in mid-September, as concerns over tight distillate supplies persisted despite plans to release emergency fuel stocks. The US Energy Department announced it would loan 315,000 barrels from the 1 million-barrel Northeast Home Heating Oil Reserve, with bids due October 27 and deliveries expected to be completed by November 13. The temporary release aims to ease heating costs ahead of winter, although its impact may be limited, as borrowers must return the fuel plus a premium. Separately, analysts warned that President Trump's deal with Russia to supply diesel to US and global markets is unlikely to significantly ease price pressures, as the promised volumes are too small to alleviate the global supply squeeze. Meanwhile, EIA data showed US distillate inventories rose by 1.7 million barrels in the week ended October 16, but remained around 9% below their five-year average.
2026-10-22