Heating oil futures hovered around $3.9 per gallon, close to a 1-month low of $3.74 hit on June 30th, as investors balance tight supplies and weak demand concerns from the global economic slowdown. Production of heating oil, a derivative of crude oil, is set to remain lower due to supply outages in Libya and expected shutdowns in Norway. Further, supply concerns aggravated as the OPEC+ group of members, including Russia refrained from discussing output strategy from September. Meanwhile, the latest EIA storage report showed that heating oil stocks declined for the fourth week, reflecting strong demand.

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 July of 2022.

Heating oil is expected to trade at 4.10 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 4.61 in 12 months time.

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Heating oil



Price Day Month Year
Crude Oil 110.75 2.320 2.14% -4.58% 50.95%
Brent 113.83 2.20 1.97% -2.68% 47.52%
Natural gas 5.88 0.1530 2.67% -36.78% 55.27%
Gasoline 3.64 -0.0456 -1.24% -8.73% 57.40%
Heating Oil 3.94 -0.0019 -0.05% -6.91% 79.28%
Ethanol 2.54 -0.2499 -8.96% -8.80% 8.55%
Naphtha 811.82 8.89 1.11% -4.21% 19.91%
Propane 1.22 0.001 0.07% -1.14% 9.51%
Uranium 51.25 0.4000 0.79% 2.91% 56.73%
Methanol 2,511.00 -40.00 -1.57% -11.52% -0.91%


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
3.94 3.94 5.86 0.29 1980 - 2022 USD/GAL Daily