Heating oil futures in the US fell below $4.10 per gallon in late July, pulling back from a nearly four-month high, as investors weighed improving shipping activity against ongoing geopolitical risks. Middle East oil shipments appeared to have picked up in recent days, with more vessels leaving the Persian Gulf undetected and two Saudi tankers successfully transiting the Bab el-Mandeb Strait. Separately, Saudi Arabia proposed an international maritime coalition to protect key shipping routes, with representatives from 43 countries participating in talks to safeguard navigation in the Red Sea following the Iran-backed Houthis' announced blockade against the kingdom. Meanwhile, Russian diesel supplies remained constrained by recent Ukrainian attacks on refineries, prompting Moscow to halt exports for all of July. Still, heating oil remained on track for a roughly 27% monthly gain as geopolitical tensions escalated earlier this month amid exchanges of strikes between the US and Iran.

Heating Oil fell to 4.10 USD/Gal on July 31, 2026, down 0.81% from the previous day. Over the past month, Heating Oil's price has risen 27.27%, and is up 78.07% 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 August 1 of 2026.

Heating Oil fell to 4.10 USD/Gal on July 31, 2026, down 0.81% from the previous day. Over the past month, Heating Oil's price has risen 27.27%, and is up 78.07% 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 4.22 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 4.88 in 12 months time.



Price Day Month Year Date
Crude Oil 84.67 1.080 1.29% 23.46% 25.75% Jul/31
Brent 87.93 1.050 1.21% 22.86% 26.21% Jul/31
Natural gas 2.75 -0.0110 -0.40% -14.69% -10.90% Jul/31
Gasoline 3.11 -0.0171 -0.55% 5.74% 47.76% Jul/31
Heating Oil 4.10 -0.0336 -0.81% 27.27% 78.07% Jul/31
Ethanol 1.95 -0.0050 -0.26% 3.72% 11.59% Jul/31
Naphtha 778.41 11.34 1.48% 26.83% 38.51% Jul/31
Propane 0.69 -0.01 -1.95% -2.81% -1.49% Jul/31
Uranium 86.60 0 0% 0.64% 21.20% Jul/31
Methanol 2,594.00 -29.00 -1.11% 8.90% 8.40% Jul/31


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
4.10 4.13 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil Declines
Heating oil futures in the US fell below $4.10 per gallon in late July, pulling back from a nearly four-month high, as investors weighed improving shipping activity against ongoing geopolitical risks. Middle East oil shipments appeared to have picked up in recent days, with more vessels leaving the Persian Gulf undetected and two Saudi tankers successfully transiting the Bab el-Mandeb Strait. Separately, Saudi Arabia proposed an international maritime coalition to protect key shipping routes, with representatives from 43 countries participating in talks to safeguard navigation in the Red Sea following the Iran-backed Houthis' announced blockade against the kingdom. Meanwhile, Russian diesel supplies remained constrained by recent Ukrainian attacks on refineries, prompting Moscow to halt exports for all of July. Still, heating oil remained on track for a roughly 27% monthly gain as geopolitical tensions escalated earlier this month amid exchanges of strikes between the US and Iran.
2026-07-31
Heating Oil is up by 5.02%
Heating Oil increased 5.02% to 4.3593 USD/Gal
2026-07-29
Heating Oil Approaches 4-Month High
Heating oil futures in the US held above $4.25 per gallon in late July, hovering near their highest in nearly four months as the resumption of hostilities between Iran and the US prolonged the supply halt from the region. Iran launched attacks against US forces across the Middle East and Saudi oil and refining infrastructure, prompting the US and Saudi Arabia to attack Iranian forces in Iraq. The resumption of the conflict maintained expectations that Iran and Houthi Rebels will continue to attack tankers crossing the Red Sea and Persian Gulf in the near term, cutting supply from major producers. In the meantime, Russian diesel supply was also hampered by recent Ukrainian attacks on refineries, prompting Moscow to halt exports for all of July. Still, US distillate inventories rose more than expected for a third straight week through July 24, but wholesale fuel prices remained elevated as sharp commercial crude and SPR draws magnified the backdrop of tight supply.
2026-07-29