Heating oil price in the United States has peaked in winter 2022/23 at 4.31 U.S. dollars per gallon and has decreased ever since. Heating oil is a liquid petroleum product that is, among other things, used in residential buildings as a fuel oil in furnaces or boilers. Chemically, most heating oils are similar to motor diesel fuels and are often sold interchangeably. Forecast heating price in the U.S. The average price of heating oil in the United States in the winter of 2024/25 is expected to reach 3.44 U.S. dollars per gallon. Energy prices are projected to see a decrease this winter, because of increased production of heating fuels. The number of heating degree days, which are the days in which the average temperature is below 18 degrees Celsius (65 degrees Fahrenheit), also helps quantify the energy demand required to heat a building. What determines heating oil price? Generally, heating oil prices are collected during the heating season between October and March. In the U.S., the greatest determining factor for heating oil prices is the WTI crude oil price. Consumers can lower heating oil bills by considering when they purchase, reducing consumption, and through government assistance programs.

The Average Home Heating Oil Prices dataset provides New York residents and businesses with objective information on average residential retail heating fuel oil pricing in New York State and by region beginning September 8, 1997. Pricing data is obtained via surveys conducted by NYSERDA staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon. The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset. For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Home Heating Oil Prices Dashboard: https://www.nyserda.ny.gov/Researchers-and-Policymakers/Energy-Prices/Home-Heating-Oil/Average-Home-Heating-Oil-Prices The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, accelerate economic growth, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit nyserda.ny.gov or follow us on X, Facebook, YouTube, or Instagram.

For the most part, the average price of light heating oil increased steadily since 2022, with a particularly significant price jump recorded in March 2022. As of December 2024, the average consumer price (incl. VAT) for a liter of light heating oil was around 95 euro cents.

Heating Oil decreased 0.05 USD/GAL or 2.13% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil - values, historical data, forecasts and news - updated on March of 2025.

As of 2022, crude oil accounted for a 48 percent share of the price of one gallon of residential heating oil in the United States. By comparison, refinery costs accounted for 15 percent of the price of one gallon of residential heating oil.

Find in-season and off-season pricing for heating fuels, including heating oil, propane and wood price surveys by DOER. Links to electric and natural gas rates also available here.

Graph and download economic data for No. 2 Heating Oil Prices: New York Harbor (DHOILNYH) from 1986-06-02 to 2025-03-17 about new york harbor, heating, New York, oil, commodities, and USA.

As of December 2024, the average consumer price of light heating oil in Germany was around 99.4 euro cents per liter. Prices fluctuated during the specified time period and were noticeably higher in 2022. Like fuel prices, heating oil prices are important cost factors for consumers.

The Average Residential Retail Kerosene Prices dataset provides New York residents and businesses with objective information on average residential retail kerosene pricing in New York State and by region beginning September 4, 2000. Pricing data is obtained via surveys conducted by New York State Energy Research and Development Authority (NYSERDA) staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon.

The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset.

For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Kerosene Prices Dashboard: https://www.nyserda.ny.gov/researchers-and-policymakers/energy-prices/kerosene/average-kerosene-prices

The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram.

On March 24, 2025, the Brent crude oil price stood at 73.05 U.S. dollars per barrel, compared to 69.11 U.S. dollars for WTI oil and 75.11 U.S. dollars for the OPEC basket. These were slight increases compared to the previous weeks, which had seen some of the lowest prices in four years.Europe's Brent crude oil, the U.S. WTI crude oil, and OPEC's basket are three of the most important benchmarks used by traders as reference for oil and gasoline prices. Lowest ever oil prices during coronavirus pandemic In 2020, the coronavirus pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. Initial outlooks and uncertainty surrounding the course of the pandemic brought about a disagreement between two of the largest oil producers, Russia and Saudi Arabia, in early March. Bilateral talks between global oil producers ended in agreement on April 13th, with promises to cut petroleum output and hopes rising that these might help stabilize the oil price in the coming weeks. However, with storage facilities and oil tankers quickly filling up, fears grew over where to store excess oil, leading to benchmark prices seeing record negative prices between April 20 and April 22, 2020. How crude oil prices are determined As with most commodities, crude oil prices are impacted by supply and demand, as well as inventories and market sentiment. However, as oil is most often traded in future contracts (whereby a contract is agreed upon, while the product delivery will follow in the next two to three months), market speculation is one of the principal determinants for oil prices. Traders make conclusions on how production output and consumer demand will likely develop over the coming months, leaving room for uncertainty. Spot prices differ from futures in so far as they reflect the current market price of a commodity.

Average price of heating oil in Great Britain presented a trend of growth, despite some oscillation. Between 2000 and 2020, figures more than doubled, with an increase of 347.6 euros per thousand liters and peaked at 877.5 euros per thousand liters in 2012. By 2020, the average price of heating oil in Great Britain amounted to 698.3 euros per thousand liters.

United States - No. 2 Heating Oil Prices: New York Harbor was 3.63500 $ per Gallon in March of 2022, according to the United States Federal Reserve. Historically, United States - No. 2 Heating Oil Prices: New York Harbor reached a record high of 3.80100 in June of 2008 and a record low of 0.30400 in February of 1999. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - No. 2 Heating Oil Prices: New York Harbor - last updated from the United States Federal Reserve on March of 2025.

United States - Producer Price Index by Commodity: Fuels and Related Products and Power: Home Heating Oil and Distillates was 356.13700 Index 1982=100 in March of 2022, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Commodity: Fuels and Related Products and Power: Home Heating Oil and Distillates reached a record high of 414.00000 in July of 2008 and a record low of 28.70000 in April of 1975. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Commodity: Fuels and Related Products and Power: Home Heating Oil and Distillates - last updated from the United States Federal Reserve on March of 2025.

Rack Prices - Heating Fuel Prices by date

Have timely access to reliable Fuel Oil price assessments in Japan:

• Fuel Oil (heavy), export transaction price, fob, Japan

Each assessment includes Fuel Oil price history for the past 10 years, current prices, and short-term forecasts. Price assessments are updated on the 3rd business day of every month and are accessible via online charts, an Excel Add-In, and an API. Free previews for all assessments are available at Intratec website.

Fuel Oil price assessments for Japan and up to 32 other countries are part of Intratec Energy Price References. Subscribe and access now current prices of key energy commodities worldwide.

In 2023/24 oil prices in the United Kingdom are expected to reach 66.17 British pounds per barrel, before falling to 61.89 pounds per barrel in 2024/25, and 52.96 pounds per barrel by 2027/28.

As of February 2025, the average annual price of Brent crude oil stood at 77.36 U.S. dollars per barrel. This is some three U.S. dollars lower than the 2024 average. Brent is the world's leading price benchmark for Atlantic basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 76.55 U.S. dollars per barrel in 2024.

Monthly average retail prices for gasoline and fuel oil for Canada, selected provincial cities, Whitehorse and Yellowknife. Prices are presented for the current month and previous four months. Includes fuel type and the price in cents per litre.

In 2021, average price of heating oil in Spain stood at 713 euros per thousand liters, up from 575.3 euros per thousand liter in the previous year. During the period of consideration, average price for heating oil was volatile and peaked in 2012, at 951.8 euros per one thousand liters.