Heating Oil Hits Almost Two-Year High

2026-02-24 03:25 By Kyrie Dichosa 1 min. read

Heating oil futures in the US rose past $2.70 per gallon, hitting their highest level since April 2024, as a severe winter storm sweeping the Northeast has boosted forecasts for short-term heating demand.

The storm, the strongest in a decade, caused travel chaos, school and business closures, and kept millions indoors.

While the snowfall eased in parts of the region, the National Weather Service warned of another system likely to bring more snow later this week.

Meanwhile, investors watched a new round of US-Iran talks, with Trump favoring a deal but warning of serious consequences if negotiations fail.

Concerns over Middle East tensions and supply disruptions have also supported prices recently.

Last week, EIA data showed a 4.6 million-barrel drop in distillate inventories, far exceeding the expected 1.4 million-barrel decline.



News Stream
Heating Oil Climbs Over 7%
Heating oil futures climbed 7.5% to around $4.36 per gallon, snapping a three-day decline and tracking advances in crude prices, after President Trump said the US would strike Iran in the coming weeks. In his rare prime-time address, Trump offered no clear end date for the Middle East conflict, noting that the US had nearly achieved its strategic goals in Iran but warning of further military action over the next two to three weeks. The statement elevated the risk of more widespread damage to energy infrastructure throughout the Gulf region. Meanwhile, Iran denied Trump’s claim that Tehran had requested a ceasefire, and added that the Strait of Hormuz will not be reopened and that the key transit route remains firmly under the control of the IRGC Navy. Elsewhere, distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels last week.
2026-04-02
Heating Oil is up by 5.15%
Heating Oil increased 5.15% to 4.2656 USD/Gal
2026-04-02
Heating Oil Holds Losses After EIA
Heating oil futures dropped toward $4 per gallon on Wednesday as traders weighed tentative hopes for a Middle East ceasefire against a tighter domestic supply outlook. The benchmark found relief after President Donald Trump indicated that Iran is seeking a ceasefire, with the President clarifying that the US would only consider a deal once the Strait of Hormuz is fully operational and secure. These developments helped pull energy prices back from the staggering highs seen in March when oil prices surged more than 50% marking their largest monthly gain since 2020. Meanwhile, US heating oil stockpiles slipped by 0.81 million barrels in the week ended March 27th following a 0.24 million-barrel decline in the previous week. This coincided with a significant decrease in distillate stocks which fell by 2.11 million barrels over three times the expected draw while crude oil inventories increased by a larger-than-expected 5.45 million barrels.
2026-04-01