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.



Price Day Month Year Date
Crude Oil 77.18 -0.730 -0.94% -2.30% 9.94% May/31
Brent 81.31 -0.570 -0.70% -2.55% 9.57% May/31
Natural gas 2.58 0.0070 0.27% 33.49% 13.46% May/31
Gasoline 2.42 0.0265 1.11% -5.94% 1.83% May/31
Heating Oil 2.39 0.0250 1.06% -2.81% 3.24% May/31
Ethanol 1.82 -0.0050 -0.27% 5.83% -26.07% May/31
Naphtha 662.10 -0.08 -0.01% -0.40% 14.04% May/31
Propane 0.70 -0.0004 -0.05% -3.89% 23.91% May/31
Uranium 89.90 -0.4000 -0.44% -2.60% 61.98% May/30
Methanol 2,635.00 -16.00 -0.60% 1.58% 27.54% May/31


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
2.39 2.36 5.86 0.29 1980 - 2024 USD/GAL Daily