Heating oil futures extended gains towards $2.2 per gallon, touching a 3-year high for the first time since July, amid tightening supplies ahead of the fall/winter season and concerns over extreme weather in the Mexican Gulf. Data from the API showed US distillate fuel inventories, which include diesel and heating oil, shrank by 2.9 million barrels in the week ending September 10th. Additionally, offshore platforms continued to struggle with supplying crude to the US mainland due to the passage of Hurricane Ida, while traders also looked to the gradual growth of another extreme weather event in the Gulf, namely tropical storm Nicholas.
Historically, Heating oil reached an all time high of 4.16 in July of 2008. Heating oil - data, forecasts, historical chart - was last updated on September of 2021.
Heating oil is expected to trade at 2.09 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 1.94 in 12 months time.