Heating oil futures fell to around $3.4 per gallon on Tuesday, extending losses for a second session after President Trump sought to ease concerns about the Middle East conflict’s duration. Trump said the war with Iran may be nearing its final stage, adding that US military operations are progressing faster than initially expected. He also suggested Washington may ease oil-related sanctions and deploy US Navy escorts for tankers transiting the Strait of Hormuz in an effort to prevent further increases in crude prices. This comes after G7 finance ministers said the group stands ready to release oil from strategic reserves if necessary, though no action has been taken so far. Still, uncertainty persists as investors remain skeptical about the administration’s attempts to calm energy markets, even as Trump’s latest remarks pointed to a greater willingness by the White House to move toward ending the conflict.

Heating Oil fell to 3.29 USD/Gal on March 10, 2026, down 8.21% from the previous day. Over the past month, Heating Oil's price has risen 34.91%, and is up 48.72% 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 March 10 of 2026.

Heating Oil fell to 3.29 USD/Gal on March 10, 2026, down 8.21% from the previous day. Over the past month, Heating Oil's price has risen 34.91%, and is up 48.72% 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 4.16 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 4.70 in 12 months time.



Price Day Month Year Date
Crude Oil 81.25 -13.515 -14.26% 25.72% 22.65% Mar/10
Brent 85.78 -13.176 -13.31% 23.61% 23.32% Mar/10
Natural gas 2.99 -0.1276 -4.09% -5.27% -32.80% Mar/10
Gasoline 2.58 -0.2258 -8.04% 30.56% 21.88% Mar/10
Heating Oil 3.28 -0.3029 -8.45% 34.56% 48.34% Mar/10
Ethanol 1.86 -0.0475 -2.49% 12.20% 8.76% Mar/09
Naphtha 779.24 39.56 5.35% 39.17% 29.76% Mar/09
Propane 0.77 -0.001 -0.14% 19.34% -8.65% Mar/09
Uranium 85.90 -0.0500 -0.06% -2.39% 33.39% Mar/09
Methanol 2,500.00 -177.00 -6.61% 17.37% -5.30% Mar/10


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
3.29 3.59 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil is down by 5.04%
Heating Oil decreased 5.04% to 3.406 USD/Gal
2026-03-10
Heating Oil Slips for Second Session
Heating oil futures fell to around $3.4 per gallon on Tuesday, extending losses for a second session after President Trump sought to ease concerns about the Middle East conflict’s duration. Trump said the war with Iran may be nearing its final stage, adding that US military operations are progressing faster than initially expected. He also suggested Washington may ease oil-related sanctions and deploy US Navy escorts for tankers transiting the Strait of Hormuz in an effort to prevent further increases in crude prices. This comes after G7 finance ministers said the group stands ready to release oil from strategic reserves if necessary, though no action has been taken so far. Still, uncertainty persists as investors remain skeptical about the administration’s attempts to calm energy markets, even as Trump’s latest remarks pointed to a greater willingness by the White House to move toward ending the conflict.
2026-03-10
Heating Oil Tumbles Tracking Curde Lower
Heating oil futures plummeted over 6% past $3.4 per gallon on Monday as the prospect of a massive G7 strategic reserve release and optimistic signals from the White House dismantled a historic 19% morning surge. Prices initially touched levels not seen since 2022 as the closure of the Strait of Hormuz and output cuts from Saudi Arabia stoked fears of a global distillate shortage. However, the momentum reversed after President Donald Trump characterized the military campaign against Iran as nearly complete and noted that maritime traffic was beginning to resume. This shift was amplified by G7 finance ministers announcing their readiness to deploy emergency oil stockpiles to stabilize energy markets and curb inflationary pressure. While local inventories remain below historical averages, the sudden collapse in crude benchmarks and the perceived reduction in geopolitical risk have forced a rapid unwinding of the war premium that had gripped the market since early March.
2026-03-09