Heating oil futures traded near $2.1 a gallon, not far from a two-and-a-half-year high of $2.2 reached earlier in the month, as investors tried to focus on global growth prospects despite rising COVID-19 cases across the globe. Meanwhile, the EIA Petroleum Status Report showed US heating oil inventories rose by 0.587 million barrels in the July 16th week; while distillate stockpiles, which include diesel and heating oil, decreased by 1.349 million barrels in the July 16th week, following a 3.657 million rise in the previous period and compared with market consensus of a 0.557 million advance.
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 July of 2021.
Heating oil is expected to trade at 2.24 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 2.60 in 12 months time.