US heating oil futures fell more than 6% to about $2.37 per gallon, pulling back from a ten-week high of $2.65 reached on January 27, as milder weather forecasts eased near-term demand concerns. Forecasts show warmer than normal temperatures across large parts of the US through mid month, which is likely to reduce heating needs despite ongoing cold in parts of the southern states. Inventory data also weighed on prices, with distillate stockpiles rising by 329 thousand barrels in the week ended Jan 23, against expectations for a draw, while heating oil inventories posted a second consecutive weekly build. Still, prices remain well above early January levels, having been supported by earlier cold driven demand, refinery disruptions, and fuel switching as high natural gas prices pushed some power generators to use fuel oil instead.

Heating Oil fell to 2.36 USD/Gal on February 3, 2026, down 0.17% from the previous day. Over the past month, Heating Oil's price has risen 9.94%, but it is still 3.07% lower 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 February 3 of 2026.

Heating Oil fell to 2.36 USD/Gal on February 3, 2026, down 0.17% from the previous day. Over the past month, Heating Oil's price has risen 9.94%, but it is still 3.07% lower 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 2.60 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 2.85 in 12 months time.



Price Day Month Year Date
Crude Oil 61.76 -0.382 -0.62% 5.89% -15.05% Feb/03
Brent 65.83 -0.473 -0.71% 6.59% -13.61% Feb/03
Natural gas 3.23 -0.0062 -0.19% -8.29% -0.68% Feb/03
Gasoline 1.85 -0.0001 -0.01% 7.50% -11.87% Feb/03
Heating Oil 2.35 -0.0058 -0.25% 9.86% -3.14% Feb/03
Ethanol 1.58 -0.0075 -0.47% -2.01% -11.22% Feb/02
Naphtha 561.36 -0.22 -0.04% 14.95% -13.59% Jan/30
Propane 0.66 0.01 1.99% 3.93% -26.23% Jan/30
Uranium 96.50 -2.7500 -2.77% 17.68% 32.55% Feb/02
Methanol 2,210.00 -50.00 -2.21% 0.87% -15.33% Feb/02


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
2.36 2.36 5.86 0.29 1980 - 2026 USD/GAL Daily

News Stream
US Heating Oil Futures Ease from 10-Week High
US heating oil futures fell more than 6% to about $2.37 per gallon, pulling back from a ten-week high of $2.65 reached on January 27, as milder weather forecasts eased near-term demand concerns. Forecasts show warmer than normal temperatures across large parts of the US through mid month, which is likely to reduce heating needs despite ongoing cold in parts of the southern states. Inventory data also weighed on prices, with distillate stockpiles rising by 329 thousand barrels in the week ended Jan 23, against expectations for a draw, while heating oil inventories posted a second consecutive weekly build. Still, prices remain well above early January levels, having been supported by earlier cold driven demand, refinery disruptions, and fuel switching as high natural gas prices pushed some power generators to use fuel oil instead.
2026-02-02
Heating Oil is down by 5.03%
Heating Oil decreased 5.03% to 2.4057 USD/Gal
2026-02-02
Heating Oil Extends Downturn
US heating oil futures extended losses to near $2.50 per gallon, deepening the pullback from its 10-week high of $2.67 seen January 28th as markets further unwound the weather driven rally and reassessed supply conditions. Prices initially surged more than 12% over four sessions on expectations of sustained US cold, but forecasts have increasingly pointed to peak winter demand having passed, with milder temperatures spreading across northern regions after early February. At the same time, inventory data continued to challenge the bullish narrative, as distillate stockpiles, including diesel and heating oil, rose by 329 thousand barrels against expectations for a 0.55 million barrel draw, while heating oil inventories posted a second consecutive weekly build. Even so, prices remain well above early January levels, having been underpinned by prior cold-driven demand, refinery outages, and fuel switching as elevated natural gas prices boosted fuel oil use for power generation.
2026-01-30