Heating oil futures in the US fell to $3.1 per gallon, moving further away from a 9-month high of $3.33 on August 25 after a bigger-than-expected increase in inventories rattled investors. The latest EIA report showed that distillate stockpiles, which include diesel and heating oil, rose by 1.235 million barrels to 117.923 million barrels in the week ending August 25, more than market expectations for a 189 thousand-barrel build. Heating oil futures in the US are up 30% since early July boosted by seasonal pre-winter buying.

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 August of 2023.

Heating oil is expected to trade at 3.43 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 3.78 in 12 months time.

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Heating oil



Price Day Month Year Date
Crude Oil 81.55 -0.084 -0.10% 0.77% -5.42% Aug/31
Brent 85.40 0.163 0.19% 1.11% -6.48% Aug/31
Natural gas 2.79 -0.0021 -0.08% 4.56% -70.05% Aug/31
Gasoline 2.58 0.0153 0.60% -1.19% 10.47% Aug/31
Heating Oil 3.08 0.0106 0.35% 2.91% -12.06% Aug/31
Ethanol 2.17 0.0025 0.12% -11.39% -14.99% Aug/30
Naphtha 642.03 -0.59 -0.09% 11.59% -1.90% Aug/30
Propane 0.68 -0.001 -0.09% 6.94% -37.62% Aug/30
Uranium 58.50 0.2500 0.43% 4.00% 17.71% Aug/28
Methanol 2,544.00 32.00 1.27% 9.14% 1.44% Aug/31


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
3.08 3.07 5.86 0.29 1980 - 2023 USD/GAL Daily