Actual
4.7483
Daily Change
-0.05 -1.10%
Monthly
11.66%
Yearly
108.09%
Q3 Forecast
4.5981
Heating oil - Summary

US heating oil prices held around $4.76 per gallon, near a record high as refineries grappled with increasingly constrained refined-product supplies. The Middle East war continued to escalate as Iranian-backed Houthis launched strikes on Saudi energy facilities, including the Jazan oil refinery. This comes on top of ongoing disruptions and reduced traffic through the Strait of Hormuz, while Ukrainian attacks on Russian refineries are further limiting global diesel supplies, adding to the impact of Moscow’s existing export restrictions. Meanwhile, demand could increase as seasonal agricultural activity picks up, while the approaching winter heating season could add to pressure on distillate supplies. US refineries were already operating at 98% of capacity in the week ended August 28, leaving limited room to further increase distillate production. EIA data also showed that US distillate fuel stocks were 14% below the five-year average in late August.

Heating oil - Stats

Heating Oil fell to 4.75 USD/Gal on September 10, 2026, down 1.09% from the previous day. Over the past month, Heating Oil's price has risen 11.67%, and is up 108.10% compared to the same time last year, 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 September 10 of 2026.

Heating oil - Forecast

Heating Oil fell to 4.75 USD/Gal on September 10, 2026, down 1.09% from the previous day. Over the past month, Heating Oil's price has risen 11.67%, and is up 108.10% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil is expected to trade at 4.60 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 5.43 in 12 months time.



Price Day Month Year Date
Crude Oil 96.27 0.225 0.23% 15.71% 54.36% Sep/10
Brent 101.11 -0.096 -0.10% 13.73% 52.35% Sep/10
Natural gas 2.79 -0.0328 -1.16% 0.80% -4.94% Sep/10
Gasoline 3.21 -0.0046 -0.14% 2.21% 62.78% Sep/10
Heating Oil 4.75 -0.0527 -1.10% 11.66% 108.09% Sep/10
Ethanol 2.04 0 0% 3.43% 7.24% Sep/09
Naphtha 825.61 15.72 1.94% 10.49% 46.10% Sep/09
Propane 0.85 0.02 2.33% 20.71% 18.51% Sep/09
Uranium 89.65 0.1500 0.17% 3.28% 16.81% Sep/08
Methanol 3,411.00 -54.00 -1.56% 34.93% 50.60% Sep/09


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
4.75 4.80 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil Near Record High
US heating oil prices held around $4.76 per gallon, near a record high as refineries grappled with increasingly constrained refined-product supplies. The Middle East war continued to escalate as Iranian-backed Houthis launched strikes on Saudi energy facilities, including the Jazan oil refinery. This comes on top of ongoing disruptions and reduced traffic through the Strait of Hormuz, while Ukrainian attacks on Russian refineries are further limiting global diesel supplies, adding to the impact of Moscow’s existing export restrictions. Meanwhile, demand could increase as seasonal agricultural activity picks up, while the approaching winter heating season could add to pressure on distillate supplies. US refineries were already operating at 98% of capacity in the week ended August 28, leaving limited room to further increase distillate production. EIA data also showed that US distillate fuel stocks were 14% below the five-year average in late August.
2026-09-09
Heating Oil Hovers Near Record Highs
US heating oil prices rose above $4.60 per gallon, close to a record high and about 100% higher than a year earlier amid concerns over increasingly tight supplies. EIA data showed that distillate fuel stocks rose by 796 thousand barrels in the week ended August 28 but remained 14% below the five-year average for this time of year. This comes as demand is expected to rise as agricultural states enter their harvest and planting seasons, while the approaching winter heating season could put further pressure on distillate supplies. Reflecting the market's tightness, average US diesel prices have reached a record high. The market has remained constrained by escalating tensions in the Middle East, as the US and Iran continued to exchange fire, while ongoing disruptions to Russian refining capacity and an extended Russian diesel export ban further limited global distillate supplies.
2026-09-07
Heating Oil Surges to Record High
US heating oil prices traded near $4.60 per gallon, close to a record high and about 100% higher than a year earlier amid tightening distillate markets. Supply risks have intensified as escalating tensions between the US and Iran raise concerns over oil flows through the Strait of Hormuz, while Ukrainian attacks on Russian refineries have further constrained global refining capacity. US refinery utilization has now remained at or above 95% for 12 consecutive weeks, the longest streak since 2000, indicating that refiners are already operating near capacity with limited room to increase output. EIA data showed that distillate fuel stocks rose by 796 thousand barrels but remained 14% below the five-year average for this time of year. Broader refined-fuel markets are also signaling tight conditions, with US diesel futures reaching a 52-month high and the diesel crack spread climbing to a record level.
2026-09-02