Heating oil futures for delivery at the New York Harbor held below $4.0 per gallon, down from the seven-week high of $4.16 touched May 19th, as markets assessed the outlook on domestic refining activity and Middle Eastern petrol supply. Data from the EIA showed that stocks of distillate fuel in the US inched higher by 372 thousand barrels in the first week of May, contrasting with bets of a 1.1 million draw. The data also contrasted with a 1.5 million barrel draw for gasoline, indicating that refineries opted to concentrate capacity in diesel and jet fuel due to the shortages in global transportation hubs. The overall supply backdrop remained tight as the standstill between the US and Iran prolonged expectations of the suspension in energy exports from the Middle East. The export of distilled products from the region has been all but halted since the start of the war in March, stressing refineries and driving the price of heating oil futures to a record high of $4.6 in March.

Heating Oil rose to 3.92 USD/Gal on May 22, 2026, up 2.37% from the previous day. Over the past month, Heating Oil's price has fallen 1.65%, but it is still 85.92% 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 May 23 of 2026.

Heating Oil rose to 3.92 USD/Gal on May 22, 2026, up 2.37% from the previous day. Over the past month, Heating Oil's price has fallen 1.65%, but it is still 85.92% 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 4.14 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 4.80 in 12 months time.



Price Day Month Year Date
Crude Oil 97.00 0.650 0.67% 1.20% 57.65% May/22
Brent 103.94 1.360 1.33% -1.08% 60.45% May/22
Natural gas 2.92 -0.0970 -3.21% 5.83% -21.58% May/22
Gasoline 3.46 0.0830 2.46% 0.01% 64.03% May/22
Heating Oil 3.92 0.0908 2.37% -1.65% 85.92% May/22
Ethanol 2.04 0.0150 0.74% 5.99% 13.06% May/22
Naphtha 815.17 7.57 0.94% -12.37% 49.24% May/22
Propane 0.84 -0.003 -0.40% 3.44% 11.89% May/22
Uranium 84.70 0 0% -2.81% 18.38% May/22
Methanol 3,054.00 -15.00 -0.49% -1.39% 36.89% May/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
3.92 3.83 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil Eases Below $4
Heating oil futures for delivery at the New York Harbor held below $4.0 per gallon, down from the seven-week high of $4.16 touched May 19th, as markets assessed the outlook on domestic refining activity and Middle Eastern petrol supply. Data from the EIA showed that stocks of distillate fuel in the US inched higher by 372 thousand barrels in the first week of May, contrasting with bets of a 1.1 million draw. The data also contrasted with a 1.5 million barrel draw for gasoline, indicating that refineries opted to concentrate capacity in diesel and jet fuel due to the shortages in global transportation hubs. The overall supply backdrop remained tight as the standstill between the US and Iran prolonged expectations of the suspension in energy exports from the Middle East. The export of distilled products from the region has been all but halted since the start of the war in March, stressing refineries and driving the price of heating oil futures to a record high of $4.6 in March.
2026-05-20
Heating Oil Holds Near 6-Week High
Heating oil futures in the US traded around $4.10 per gallon, holding a three-day gain to a near six-week high, driven by disrupted energy exports from the Middle East as the Strait of Hormuz remained effectively closed. Negotiations between the US and Iran have also repeatedly failed to yield meaningful progress, with markets closely monitoring President Donald Trump’s shifting stance on potential Iran strikes that could reignite military tensions. Tightening global refinery supply conditions had previously pushed heating oil futures to a peak of $4.60 per gallon in March. The International Energy Agency recently warned that refinery throughput is expected to decline in Q2, keeping distillate markets tight and supported in part by strong transportation fuel demand. Meanwhile, API data showed distillate inventories, including diesel and heating oil, fell by roughly 1.1 million barrels in the week ending May 15.
2026-05-20
Heating Oil Hits 6-week High
Heating Oil increased to 4.18 USD/Gal, the highest since April 2026. Over the past 4 weeks, Heating Oil gained 17.58%, and in the last 12 months, it increased 93.24%.
2026-05-19