US heating oil futures dipped below $2.4 per gallon in late May, reaching their lowest level since July, due to softer demand and increased supplies. Distillate fuel product supplied, considered a demand gauge by traders, dropped by 88 thousand barrels on the week ending May 24th. While weekly data is highly volatile, the result is consistent with the IEA’s downward revision of energy demand growth forecasts, attributed to mild weather in Europe. On the supply side, distillate stocks surged by 2.544 million barrels in the week ending May 24th, far exceeding expectations of a 0.15 million barrel build, as per the latest EIA report. However, a significant drop in crude oil inventories by 4.156 million barrels, double the expected amount, and a 0.211 million barrel draw in heating oil stocks, mitigated the decline.
Heating Oil decreased 0.11 USD/GAL or 4.36% since the beginning of 2024, 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 June 1 of 2024.
Heating Oil decreased 0.11 USD/GAL or 4.36% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil is expected to trade at 2.41 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 2.46 in 12 months time.