Heating oil futures were trading below the $4.5-per-gallon level, moving along with falling crude prices on fears that slowing global growth could hit demand. Still, prices remain elevated, having touched a record high of $4.61 earlier this month, supported by an extremely tight market. The latest EIA weekly report showed that distillate fuel production went down by 57 thousand barrels while stockpiles fell by 374 thousand. Elsewhere, the EU also has tight inventory levels of distillate fuels. The bloc’s embargo on Russian oil and oil derivatives means that American buyers face more competition in global markets.

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 June of 2022.

Heating oil is expected to trade at 4.53 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 5.08 in 12 months time.

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Heating oil



Price Day Month Year
Crude Oil 112.31 0.550 0.49% -4.21% 52.87%
Brent 118.29 0.31 0.26% 0.59% 58.52%
Natural gas 6.76 0.2120 3.24% -22.08% 85.29%
Gasoline 3.88 -0.0581 -1.48% -3.98% 72.94%
Heating Oil 4.11 -0.0928 -2.21% 0.94% 92.95%
Ethanol 2.81 0 0% 1.88% 18.09%
Naphtha 802.77 0.70 0.09% -9.64% 26.73%
Propane 1.22 0.002 0.13% -1.40% 25.50%
Uranium 50.10 0.7500 1.52% 4.70% 54.87%
Methanol 2,575.00 45.00 1.78% -7.34% 0.70%


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
4.11 4.20 5.86 0.29 1980 - 2022 USD/GAL Daily