US heating oil futures dropped to $2.42 per gallon in May, a ten month low, amid worsening demand for heating. The International Energy Agency lowered expectations of energy demand growth for the year due to mild weather in Europe, pressuring demand for fuels used for heating. Limiting the decline, the latest EIA report showed that heating oil inventories fell by 680 thousand barrels on the week ending May 10th. Also, distillate stockpiles fell by 45 thousand barrels in the period, falling short of expectations of a 770 thousand barrel build.
Heating Oil decreased 0.05 USD/GAL or 2.13% 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 May 16 of 2024.
Heating Oil decreased 0.05 USD/GAL or 2.13% 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 2.45 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 2.54 in 12 months time.