US heating oil futures slipped toward $2.38 per gallon after failing to sustain gains, as easing crude feedstock costs and softer near-term demand outweighed an otherwise tight distillate balance. Although recent EIA data showed a sizable 5.6 million barrel draw in distillate inventories, underscoring that stocks remain relatively constrained for this stage of the season, falling crude prices have reduced refiners’ input costs and removed a key source of price support. Elevated refinery runs continue to maintain steady product flows, limiting fears of acute supply shortages. On the demand side, milder temperature forecasts across major US heating regions are curbing expected heating consumption, while weaker natural gas prices and increased drilling activity are encouraging substitution away from fuel oil. Additional pressure stems from reports of a large crude stock build and broader signals from OPEC and the IEA that global supply could outpace demand later this year.

Heating Oil rose to 2.41 USD/Gal on February 18, 2026, up 0.66% from the previous day. Over the past month, Heating Oil's price has risen 2.90%, but it is still 2.37% lower than a year ago, 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 February 18 of 2026.

Heating Oil rose to 2.41 USD/Gal on February 18, 2026, up 0.66% from the previous day. Over the past month, Heating Oil's price has risen 2.90%, but it is still 2.37% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil is expected to trade at 2.42 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 2.68 in 12 months time.



Price Day Month Year Date
Crude Oil 62.44 0.114 0.18% 3.45% -13.39% Feb/18
Brent 67.52 0.103 0.15% 4.01% -11.20% Feb/18
Natural gas 3.01 -0.0225 -0.74% -23.00% -29.71% Feb/18
Gasoline 1.92 0.0049 0.26% 7.27% -8.05% Feb/18
Heating Oil 2.40 0.0086 0.36% 2.60% -2.66% Feb/18
Ethanol 1.66 -0.0225 -1.34% 4.42% -10.66% Feb/17
Naphtha 542.20 -3.72 -0.68% 3.84% -17.53% Feb/17
Propane 0.63 -0.01 -0.79% -0.40% -31.39% Feb/17
Uranium 88.80 -0.7000 -0.78% 4.16% 38.10% Feb/17
Methanol 2,159.00 -21.00 -0.96% -4.09% -14.56% Feb/13


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
2.41 2.39 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil Eases
US heating oil futures slipped toward $2.38 per gallon after failing to sustain gains, as easing crude feedstock costs and softer near-term demand outweighed an otherwise tight distillate balance. Although recent EIA data showed a sizable 5.6 million barrel draw in distillate inventories, underscoring that stocks remain relatively constrained for this stage of the season, falling crude prices have reduced refiners’ input costs and removed a key source of price support. Elevated refinery runs continue to maintain steady product flows, limiting fears of acute supply shortages. On the demand side, milder temperature forecasts across major US heating regions are curbing expected heating consumption, while weaker natural gas prices and increased drilling activity are encouraging substitution away from fuel oil. Additional pressure stems from reports of a large crude stock build and broader signals from OPEC and the IEA that global supply could outpace demand later this year.
2026-02-12
Heating Oil Rises After EIA
US heating oil futures rose toward $2.44 per gallon after a volatile stretch as a tight distillate balance and rising crude feedstock costs offset weakening near term demand from milder weather and cheaper natural gas. The latest EIA data showed a roughly 5.6 million barrel draw in distillate stocks, reinforcing that available supplies remain relatively constrained for this stage of the season. At the same time, crude oil feedstock costs climbed amid renewed US-Iran tensions. Elevated refinery runs have kept product flows steady, yet the market remains sensitive to inventory shifts. On the demand side, milder temperature forecasts across key US heating regions are trimming expected heating burn, while weaker natural gas prices and rising drilling activity, are encouraging substitution away from fuel oil. In addition, reports of a sharp crude stock build and signals from OPEC and the IEA that global supply could outpace demand later this year have limited upside.
2026-02-11
Heating Oil Eases
US heating oil futures drifted toward $2.38 per gallon after a volatile week, with milder temperature forecasts across key US heating regions trimming demand expectations. Reduced heating burn has offset what remains a seasonally tight supply backdrop, even after EIA data showed a sharp draw of roughly 5.6m barrels in distillate inventories alongside a 3.5m-barrel decline in crude stocks. Elevated refinery runs have eased supply concerns, as refiners sustained strong output of heating oil and diesel and kept product flows into export markets steady. At the same time, lower crude feedstock costs capped upside, with oil benchmarks mixed as US–Iran talks in Oman alternately eased and revived geopolitical risk premia. Adding to demand pressure, cheaper natural gas has become a more competitive heating substitute, while rising US gas drilling activity, particularly in the Haynesville, signalled higher future supply and reinforced a broader headwind for heating fuels.
2026-02-09