US heating oil prices traded around $3.20 per gallon, as markets focused on prospects for US-Iran peace talks, though inconsistent rhetoric from both sides kept uncertainty elevated. Iran’s Deputy Foreign Minister Kazem Gharibabadi also said Tehran would proceed with plans to jointly manage traffic in the Strait of Hormuz “if for any reason Oman is not interested in doing so,” underscoring ongoing disagreements over the key shipping route. Traffic through the strategic waterway eased over the weekend after renewed clashes damaged two vessels, although tanker operators and crews have remained willing to continue transiting the route. Meanwhile, SPR stocks fell by 5.5 million barrels to 325.7 million, the lowest since May 1983, amid ongoing releases to offset post–Iran war supply gaps. For the month, heating oil is heading for a 13% loss and a roughly 20% decline for Q2.

Heating Oil rose to 3.24 USD/Gal on July 1, 2026, up 0.31% from the previous day. Over the past month, Heating Oil's price has fallen 12.42%, but it is still 34.56% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. 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 1 of 2026.

Heating Oil rose to 3.24 USD/Gal on July 1, 2026, up 0.31% from the previous day. Over the past month, Heating Oil's price has fallen 12.42%, but it is still 34.56% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil is expected to trade at 3.21 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 3.81 in 12 months time.



Price Day Month Year Date
Crude Oil 69.74 0.243 0.35% -25.62% 3.40% Jul/01
Brent 73.14 0.187 0.26% -23.82% 5.83% Jul/01
Natural gas 3.24 -0.0379 -1.16% 2.21% -7.19% Jul/01
Gasoline 2.91 0.0142 0.49% -7.48% 37.53% Jul/01
Heating Oil 3.24 0.0076 0.24% -12.49% 34.45% Jul/01
Ethanol 1.88 -0.0050 -0.27% -6.25% 9.17% Jun/30
Naphtha 685.16 0.70 0.10% -9.84% 26.97% Jun/30
Propane 0.72 -0.004 -0.52% -14.23% 0.23% Jun/30
Uranium 85.50 0.4000 0.47% -0.52% 9.55% Jun/30
Methanol 2,439.00 -70.00 -2.79% -19.90% 1.37% Jun/30


Heating oil
Heating oil, also known as No. 2 fuel oil, is a key refined petroleum product used for residential heating, as well as a proxy for diesel and jet fuel markets. It represents a significant share of the output from a barrel of crude oil and plays an important role in both energy consumption and seasonal demand trends. Heating oil futures are traded on NYMEX and serve as a benchmark for distillate fuels, including diesel and jet fuel, which often trade in the physical market at a premium to futures prices. Each contract represents 42,000 gallons (equivalent to 1,000 barrels) and is based on delivery in New York Harbor, a principal trading and distribution hub for refined petroleum products. Heating oil prices displayed on Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments and are intended to provide a general market reference only. These prices do not represent official benchmark prices. The data is supplied by a third party and, while efforts are made to ensure its reliability, Trading Economics does not verify the data and makes no representations or warranties.
Actual Previous Highest Lowest Dates Unit Frequency
3.24 3.23 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil Prices Slip
US heating oil prices traded around $3.20 per gallon, as markets focused on prospects for US-Iran peace talks, though inconsistent rhetoric from both sides kept uncertainty elevated. Iran’s Deputy Foreign Minister Kazem Gharibabadi also said Tehran would proceed with plans to jointly manage traffic in the Strait of Hormuz “if for any reason Oman is not interested in doing so,” underscoring ongoing disagreements over the key shipping route. Traffic through the strategic waterway eased over the weekend after renewed clashes damaged two vessels, although tanker operators and crews have remained willing to continue transiting the route. Meanwhile, SPR stocks fell by 5.5 million barrels to 325.7 million, the lowest since May 1983, amid ongoing releases to offset post–Iran war supply gaps. For the month, heating oil is heading for a 13% loss and a roughly 20% decline for Q2.
2026-06-30
Heating Oil Prices Rise
US heating oil prices rose above $3.20 per gallon, moving in line with other energy commodities, as markets remained concerned over Middle East oil supplies after the recent exchange of US-Iran strikes. Both sides agreed to suspend further attacks for the time being and allow commercial vessels to transit the Strait of Hormuz freely ahead of peace talks later this week, according to a US official speaking on condition of anonymity. However, markets remained cautious as the latest escalation interrupted the recovery in oil flows through the Strait of Hormuz that had followed an earlier interim agreement. Shipowners also stayed wary of using the chokepoint, leaving hundreds of vessels stranded in the Persian Gulf. Adding to concerns, Israel said it carried out fresh strikes on Iran-backed Hezbollah infrastructure in southern Lebanon. Meanwhile, Saudi Aramco resumed crude loadings at Ras Tanura after a nearly four-month suspension.
2026-06-29
US Heating Oil Declines
US heating oil prices fell over 3% to below $3.20 per gallon, tracking the resumption of the decline in crude oil prices as the continued flow of vessels through the Strait of Hormuz outweighed renewed security concerns. More previously stranded oil tankers resumed transiting the Strait of Hormuz despite an incident in which an unidentified projectile struck a container ship near Oman, reigniting concerns over Iran's influence on traffic as Tehran and Washington negotiated a permanent end to the conflict. Meanwhile, Saudi Arabia resumed crude exports from the Ras Tanura terminal for the first time since March, while Qatar issued its first post-conflict crude tender. The White House also waived the Jones Act and tapped the SPR to help contain energy costs. However, the market remains tight because the US operates as a global supplier of last resort, pushing domestic diesel inventories to seasonal lows. Prospective Russian export bans could spark further upward pressure.
2026-06-26