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.



Price Day Month Year Date
Crude Oil 79.15 0.522 0.66% -4.28% 8.77% May/16
Brent 83.16 0.407 0.49% -4.73% 8.05% May/16
Natural gas 2.45 0.0327 1.35% 24.81% -5.24% May/16
Gasoline 2.51 0.0070 0.28% -7.90% -2.19% May/16
Heating Oil 2.44 0.0103 0.42% -5.32% 0.80% May/16
Ethanol 1.83 -0.0075 -0.41% 9.91% -24.92% May/15
Naphtha 654.61 3.96 0.61% -5.59% 13.77% May/15
Propane 0.69 -0.004 -0.61% -15.58% 5.30% May/15
Uranium 90.90 -0.2000 -0.22% 1.73% 69.59% May/15
Methanol 2,635.00 -15.00 -0.57% 2.61% 16.18% May/16


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
2.44 2.43 5.86 0.29 1980 - 2024 USD/GAL Daily