US heating oil futures surged above $2.4 per gallon, recovering from a two-week low of $2.17 on November 15th as risks to energy supply triggered a broad increase in oil-derived commodities. Energy prices soared due to escalating tensions in the Russia-Ukraine conflict, marked by Russia's largest airstrike in months on Ukraine's power infrastructure. Meanwhile, the latest EIA report showed a 1.4-million-barrel drop in distillate fuel stocks and a 1-million-barrel decline in heating oil inventories for the week ending November 8th, pointing to tighter U.S. supplies. While warmer-than-normal temperatures are expected across much of the U.S. until November 20th, average temperatures from November 21st-27th are likely to drive higher heating demand.

Heating Oil decreased 0.24 USD/GAL or 9.70% 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 November 18 of 2024.

Heating Oil decreased 0.24 USD/GAL or 9.70% 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 2.29 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 2.39 in 12 months time.





Price Day Month Year Date
Crude Oil 68.64 2.080 3.10% -2.01% -11.89% Nov/18
Brent 73.03 2.300 3.24% -1.69% -11.15% Nov/18
Natural gas 2.96 0.1419 5.03% 28.24% -1.43% Nov/18
Gasoline 2.00 0.0559 2.88% -0.30% -9.15% Nov/18
Heating Oil 2.24 0.0829 3.82% 2.82% -18.53% Nov/18
Ethanol 1.64 0.0275 1.70% 9.14% -13.10% Nov/15
Naphtha 618.18 -6.83 -1.09% -4.75% 0.44% Nov/15
Propane 0.79 -0.005 -0.59% 9.44% 25.73% Nov/15
Uranium 81.85 2.9500 3.74% -1.56% 1.99% Nov/15
Methanol 2,467.00 -4.00 -0.16% 3.87% -0.20% Nov/18


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
2.25 2.17 5.86 0.29 1980 - 2024 USD/GAL Daily