Heating oil futures rose above $3.80 per barrel on Wednesday, extending a two-day advance, as US–Iran peace talks faltered and President Trump maintained a blockade of the Strait of Hormuz despite extending a ceasefire with Iran. Trump said the truce would continue until Iran submits a “unified proposal” to end the war with the US and Israel. The move followed reports that Vice President JD Vance’s Pakistan trip for Iran talks was postponed, while Tehran, via a Pakistani intermediary, told US counterparts it would not join further talks. Since the conflict with Iran began in late February, crude and refined product flows from the Persian Gulf have fallen by about 13 million bpd, according to IEA. Meanwhile, API data showed distillate stockpiles, which include diesel and heating oil, decreased by 3.40 million barrels last week. Elsewhere, warmer-than-normal temperatures through April 30 could also weigh on heating and cooling demand.

Heating Oil rose to 3.83 USD/Gal on April 22, 2026, up 2.70% from the previous day. Over the past month, Heating Oil's price has fallen 5.58%, but it is still 80.21% higher 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 April 22 of 2026.

Heating Oil rose to 3.83 USD/Gal on April 22, 2026, up 2.70% from the previous day. Over the past month, Heating Oil's price has fallen 5.58%, but it is still 80.21% higher 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 3.69 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 4.22 in 12 months time.



Price Day Month Year Date
Crude Oil 90.38 0.707 0.79% 2.55% 45.14% Apr/22
Brent 99.34 0.858 0.87% -0.60% 50.24% Apr/22
Natural gas 2.73 0.0289 1.07% -5.71% -13.85% Apr/22
Gasoline 3.22 0.0119 0.37% 8.30% 54.79% Apr/22
Heating Oil 3.84 0.1120 3.00% -5.31% 80.74% Apr/22
Ethanol 1.90 0.0050 0.26% -5.00% 8.57% Apr/21
Naphtha 902.61 7.82 0.87% 7.14% 64.30% Apr/21
Propane 0.79 0.005 0.63% 1.34% -6.01% Apr/21
Uranium 86.85 -0.0500 -0.06% 4.01% 33.00% Apr/21
Methanol 3,075.00 -10.00 -0.32% -7.18% 28.93% Apr/22


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
3.83 3.73 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil Extends Gains
Heating oil futures rose above $3.80 per barrel on Wednesday, extending a two-day advance, as US–Iran peace talks faltered and President Trump maintained a blockade of the Strait of Hormuz despite extending a ceasefire with Iran. Trump said the truce would continue until Iran submits a “unified proposal” to end the war with the US and Israel. The move followed reports that Vice President JD Vance’s Pakistan trip for Iran talks was postponed, while Tehran, via a Pakistani intermediary, told US counterparts it would not join further talks. Since the conflict with Iran began in late February, crude and refined product flows from the Persian Gulf have fallen by about 13 million bpd, according to IEA. Meanwhile, API data showed distillate stockpiles, which include diesel and heating oil, decreased by 3.40 million barrels last week. Elsewhere, warmer-than-normal temperatures through April 30 could also weigh on heating and cooling demand.
2026-04-22
Heating Oil Prices Rise
Heating oil futures jumped nearly 5% to $3.70 per barrel, tracking a broader rebound across energy markets amid a standoff in US–Iran negotiations. It remains unclear whether Iran will join the US for a second round of talks ahead of Wednesday’s ceasefire deadline, while the Strait of Hormuz continues to be largely shut. Since the war with Iran began at the end of February, crude and refined product supplies from the Persian Gulf have been reduced by roughly 13 million barrels per day, according to the International Energy Agency. However, major oil traders have warned that demand destruction linked to the Iran conflict is likely to deepen while warmer-than-normal temperatures through April 30 could dampen both heating and cooling demand.
2026-04-21
Heating Oil Pauses Gains
US heating oil futures eased to around $3.50 per barrel on Tuesday, pausing gains from the previous session, as traders weighed signs that Iran may join talks with the US ahead of the ceasefire’s expiry. Tehran is reportedly sending a delegation to Islamabad, though its leadership remains unclear, despite earlier hesitation to resume negotiations. Still, friction remained intense as President Trump previously said extending the truce is highly unlikely and cautioned against overwhelming military force. Iran’s top negotiator also accused the US of pressuring talks, rejecting negotiations under threats, and warning of escalation. Ongoing tensions in the Middle East have kept energy markets volatile since March, particularly as the Strait of Hormuz remains closed. The standoff at this key chokepoint risks worsening the global energy crisis. Meanwhile, warmer-than-normal temperatures through April 30 may reduce both heating and cooling demand.
2026-04-21