Heating oil futures climbed 7.5% to around $4.36 per gallon, snapping a three-day decline and tracking advances in crude prices, after President Trump said the US would strike Iran in the coming weeks. In his rare prime-time address, Trump offered no clear end date for the Middle East conflict, noting that the US had nearly achieved its strategic goals in Iran but warning of further military action over the next two to three weeks. The statement elevated the risk of more widespread damage to energy infrastructure throughout the Gulf region. Meanwhile, Iran denied Trump’s claim that Tehran had requested a ceasefire, and added that the Strait of Hormuz will not be reopened and that the key transit route remains firmly under the control of the IRGC Navy. Elsewhere, distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels last week.

Heating Oil rose to 4.36 USD/Gal on April 2, 2026, up 7.50% from the previous day. Over the past month, Heating Oil's price has risen 36.84%, and is up 100.05% 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 April 3 of 2026.

Heating Oil rose to 4.36 USD/Gal on April 2, 2026, up 7.50% from the previous day. Over the past month, Heating Oil's price has risen 36.84%, and is up 100.05% 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 4.82 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 5.17 in 12 months time.



Price Day Month Year Date
Crude Oil 111.54 11.420 11.41% 49.60% 66.60% Apr/02
Brent 109.03 7.870 7.78% 33.94% 55.45% Apr/02
Natural gas 2.80 -0.0190 -0.67% -8.32% -32.33% Apr/02
Gasoline 3.29 0.1966 6.36% 33.80% 52.55% Apr/02
Heating Oil 4.36 0.3043 7.50% 36.84% 100.05% Apr/02
Ethanol 2.01 0.0350 1.78% 11.39% 11.08% Apr/02
Naphtha 985.04 67.21 7.32% 47.05% 69.38% Apr/02
Propane 0.78 0.02 2.26% 4.76% -11.47% Apr/02
Uranium 85.15 0 0% -1.16% 31.20% Apr/03
Methanol 3,276.00 26.00 0.80% 28.67% 32.04% Apr/03


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
4.36 4.06 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
Heating Oil Climbs Over 7%
Heating oil futures climbed 7.5% to around $4.36 per gallon, snapping a three-day decline and tracking advances in crude prices, after President Trump said the US would strike Iran in the coming weeks. In his rare prime-time address, Trump offered no clear end date for the Middle East conflict, noting that the US had nearly achieved its strategic goals in Iran but warning of further military action over the next two to three weeks. The statement elevated the risk of more widespread damage to energy infrastructure throughout the Gulf region. Meanwhile, Iran denied Trump’s claim that Tehran had requested a ceasefire, and added that the Strait of Hormuz will not be reopened and that the key transit route remains firmly under the control of the IRGC Navy. Elsewhere, distillate stockpiles, which include diesel and heating oil, fell by 2.1 million barrels last week.
2026-04-02
Heating Oil is up by 5.15%
Heating Oil increased 5.15% to 4.2656 USD/Gal
2026-04-02
Heating Oil Holds Losses After EIA
Heating oil futures dropped toward $4 per gallon on Wednesday as traders weighed tentative hopes for a Middle East ceasefire against a tighter domestic supply outlook. The benchmark found relief after President Donald Trump indicated that Iran is seeking a ceasefire, with the President clarifying that the US would only consider a deal once the Strait of Hormuz is fully operational and secure. These developments helped pull energy prices back from the staggering highs seen in March when oil prices surged more than 50% marking their largest monthly gain since 2020. Meanwhile, US heating oil stockpiles slipped by 0.81 million barrels in the week ended March 27th following a 0.24 million-barrel decline in the previous week. This coincided with a significant decrease in distillate stocks which fell by 2.11 million barrels over three times the expected draw while crude oil inventories increased by a larger-than-expected 5.45 million barrels.
2026-04-01