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.

Diesel and gasoil are the most in-demand oil products worldwide. In 2023, diesel and gasoil demand reached 29 million barrels per day. This was closely followed by gasoline.By 2040, gasoline demand is forecast to climb to nearly 30 million barrels per day compared with 32.2 millio barrels for diesel and gasoil. The use of petroleum products in daily life Crude oil serves as a feedstock for a great variety of industrial products. While transportation fuels such as gasoline and diesel are the most common examples used when referring to petroleum products, synthetic materials such as plastic packaging and many pharmaceutical drugs are also oil- and natural gas-based. In 2022, the global market value of petrochemicals stood at an estimated 584.5 billion U.S. dollars and was forecast to grow to over one trillion U.S. dollars by 2030. In a world where convenience often trumps the more environmentally friendly choice, petroleum products, particularly of the non-heavy variety, are expected to continue being in high demand. Oil demand shaped by economic activity As oil use is so widespread, changes in oil demand are usually an indication of developments in the wider economy, in particular changes to GDP growth as was the case in 2020. In the last two years, global liquid fuels consumption generally increased alongside economic activity and is expected to reach 104.7 million barrels per day by mid-2025.

Forecast: Fuel Oil Gross Available Energy in Italy 2024 - 2028 Discover more data with ReportLinker!

Fuel Oil Market size was valued at USD 189.66 Billion in 2024 and is projected to reach USD 271.99 Billion by 2031, growing at a CAGR of 4.61% from 2024 to 2031.

The Fuel Oil Market is driven by several factors, including its widespread use in various industrial applications such as power generation, marine transportation, and industrial heating. In regions with colder climates, fuel oil remains a significant source of heating for residential and commercial buildings. Additionally, the availability and relatively lower cost of fuel oil compared to other fuels contribute to its continued use in certain sectors. However, the market faces challenges from the increasing adoption of cleaner energy sources, such as natural gas and renewable energy, and stringent environmental regulations aimed at reducing emissions.

Provides annual, quarterly, and monthly prices back to 1976 for gasoline , heating oil, and diesel fuel. Also provides annual prices from 1968 and quarterly and monthly prices from 1974 for imported crude oil. Based on Form EIA-878 data.

The fuel oil prices in the USA reached 1047 USD/MT in December 2023. In December 2023, the priced of fuel oil in China settled at 758 USD/MT. In Germany, the fuel oil price reached 1237 USD/MT by the end of December 2023.

Diesel and gasoil account for the highest oil products demand share in the world. In 2023, these products made up some 28.38 percent of total oil demand. This figure is expected to decrease slightly by 2050, with jet fuel and kerosene expected to see the greatest increase in demand shares. Daily global crude oil demand is expected to climb over 100 million barrels in 2023.

Forecast: Fuel Oil Gross Available Energy in Germany 2024 - 2028 Discover more data with ReportLinker!

Crude oil production in the United States is expected to amount to 27.39 quadrillion British thermal units in 2050. Despite many governments intensifying searches for renewable alternatives to fossil fuel energy production, production is forecast to increase in the coming years. One standard barrel of crude oil contains about 5.8 million British thermal units.

U.S. oil production gains in the past decade

With the highest consumption of oil in the world and no end to such levels in sight, the U.S. has been incentivized to produce more oil domestically. During the 2008 financial crisis, when benchmarks such as the OPEC oil price were particularly turbulent, investors seized upon lower interest rates as an opportunity to develop new methods of extracting shale gas and tight oil. Previously largely inaccessible, hydraulic fracturing (fracking) and horizontal drilling allowed for exploitation of more oil and gas plays than ever before.

Fracking is a means of extracting oil from permeable rock formations, such as shale or tight sandstone. This type of oil is referred to as tight oil or unconventional oil. In the U.S., most shale formations are located in Texas and North Dakota. Since the rapid expansion of fracking, these states have become two of the country’s largest producers of crude oil. The largest oil producing region is the Permian basin in Texas and New Mexico.

United States EIA Forecast: Refiner Price: End Users: No. 6 Residual Fuel Oil data was reported at 153.877 0.01 USD/gal in Dec 2019. This records an increase from the previous number of 153.148 0.01 USD/gal for Nov 2019. United States EIA Forecast: Refiner Price: End Users: No. 6 Residual Fuel Oil data is updated monthly, averaging 141.266 0.01 USD/gal from Mar 2016 (Median) to Dec 2019, with 46 observations. The data reached an all-time high of 168.918 0.01 USD/gal in Aug 2018 and a record low of 78.172 0.01 USD/gal in Mar 2016. United States EIA Forecast: Refiner Price: End Users: No. 6 Residual Fuel Oil data remains active status in CEIC and is reported by Energy Information Administration. The data is categorized under Global Database’s USA – Table US.P003: Energy Price: Forecast: Energy Information Administration.

Worldwide consumption for liquid fuels reached 102.77 million barrels per day in January 2025. Figures are expected to increase further throughout winter 2025. In 2024, global crude oil demand was forecast to average some 104.46 million barrels per day. Regional differences For the last few years, liquid fuel consumption has stayed relatively constant across regions. Despite seasonal and economic variances affecting demand patterns, fluctuations have been slight. In Europe, liquid fuel consumption tended to stay below 14 million barrels per day. U.S. still greatest petroleum consumer The United States remains the largest consumer of petroleum. The fossil fuel serves a great array of functions, from being a feedstock in the petrochemical industry to its use as a raw material for transportation fuels. Population numbers, economic size, industry presence, and wealth of its residents all contribute to a country’s need for this commodity. In the U.S., petroleum consumption amounts to nearly one billion metric tons, more than the combined consumption of both China and India.

The IEA is the energy institute expecting the highest oil surplus for 2025. As demand outlooks remain modest, robust production output throughout 2024 is expected to result in some form of oil surplus, which would also impact oil prices. Woodmac was the only energy institute surveyed that did not see a surplus for the year. Production growth amid lower demand expectations The expected surplus in 2025 is largely attributed to non-OPEC production growth from major producers such as the United States and newcomers like Guyana. Overall, worldwide liquid fuels production could see a steep increase in the first half of 2025, if producers like OPEC stick to their output plans. This would come in spite of modest consumption expectations. Again, the IEA is the institute predicting the lowest growth in global oil demand when compared to other industry bodies such as the EIA and OPEC. Forecasting centers diverge in opinion on oil future Not only near-term, also long-term oil demand projections have become increasingly divergent among major energy institutions. OPEC's 2024 outlook expects global oil demand to surpass 113 million barrels per day by 2030, while the IEA's stated policies scenario anticipates demand reaching only 101.7 million barrels per day in the same year. Diesel and gasoil currently account for the largest share of oil product demand at 28.38 percent, though this is expected to decrease slightly by 2050. Jet fuel and kerosene are projected to see the greatest increase in demand shares over the coming decades.

Forecast: Fuel Oil Available for Consumption in China 2023 - 2027 Discover more data with ReportLinker!

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.

The annual production volume of fuel oil in Russia was forecast to reach 40.6 million metric tons in 2021. In the following years until 2024, the annual production was expected to decrease. Products of oil reprocessing were one of the leading energy and fuel production segments in the country.

According to Cognitive Market Research, the global bunker fuel oil market size is USD 115954.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.30% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 46381.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 34786.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 26669.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 5797.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 2319.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031.
The Tanker Fleet segment held the highest bunker fuel oil market revenue share in 2024.

Market Dynamics of Bunker Fuel Oil Market

Key Drivers for Bunker Fuel Oil Market

Expanding Maritime Trade Activities and Increasing Fleet Sizes Driving Demand for Bunker Fuel Oil

As trade continues to expand, shipping companies have had to add new vessels to their fleets to carry out the growing volume of products passing through their harbours. Thus, demand on bunker fuel oil has increased. This is especially true in regions that are going through fast economic growth and rapid industrialization. Not to lay one’s infrastructure at the foundation of trade and business, for instance cargo ships, ports and other installations, is unthinkable in developed countries.

Regulatory Changes Mandating Low-Sulfur Fuels Catalyzing Market Growth

In response to the increasing demands for cleaner fuels and reduced emissions from shipping traffic, even low-sulphur bunker fuel oils are being adopted.Raising its exhaust emissions costs even higher, the crew dropped from heavy fuel oil to Marine Gas Oil (MGO) and Diesel Oil.This move towards greener fuels, however, does not come just out of compliance with regulations. The accelerated use has arisen from a global focus for all sectors to produce cleaner environmental benefits and results, as evidenced by governments promoting low-sulphur bunker fuels.

Restraint Factor for the Bunker fuel oil market

Volatility in Crude Oil Prices and Geopolitical Uncertainties Impeding Bunker Fuel Oil Market Growth

The strength of international market for heavy or residual fuel oil are the price of crude, the cost all factors considered and eventually price. At any time, variations in price cannot be neglected due to influences such as world politics which impinge directly on production costs for bunker fuel oils and this brings huge instability.Such as supply and demand, geopolitical pressures or economic climate could send the price of crude into a tailspin. This poses another major challenge for suppliers and buyers of bunker fuel oil, raising questions about investment decision-making as well as operational planning. In addition, geopolitical events such as conflicts or sanctions in major oil-producing regions (or shipping lanes) may disrupt supply chains and affect either the availability or pricing of bunker fuel oils. That further inflates market volatility and makes it that much harder to predict how long such conditions will continue.

Impact of Covid-19 on the Bunker Fuel Oil Market

During the Covid-19 pandemic, the oil bunker fuel market, seemingly near their end, was deeply troubled in large part because globalised trade and maritime activities swooned to a degree which had never been witnessed before in history. Decreased demand for goods and commodities, combined with drastic travel restrictions and blockade measures, caused shipping volume and maritime traffic to drop significantly, affecting the consumption of bunker fuel. companies hit head-on by the pandemic's economic impact, their financial resources and operational systems stretched to breaking point, were no longer able to offset shipborne bunker fuel oil with land tankers. with demand for ship fuel oil plummeting and prices also falling, the bunker fuel market showed again how susceptible it is to global economic tu...

The Fuel Oil Market is projected to grow at 3.8% CAGR, reaching $201.39 Billion by 2029. Where is the industry heading next? Get the sample report now!

Low Sulfur Fuel Oil (LSFO) Market size was valued at USD 15.3 Billion in 2023 and is projected to reach USD 25.2 Billion by 2031, growing at a CAGR of 6.3% during the forecast period 2024-2031.

Global Low Sulfur Fuel Oil (LSFO) Market Drivers

The market drivers for the Low Sulfur Fuel Oil (LSFO) Market can be influenced by various factors. These may include:

Adherence to Regulated Practices: Strict laws designed to lower sulfur emissions from ships are a major factor driving the demand for Low Sulfur Fuel Oil (LSFO). The 2020 sulfur limitation was imposed by the International Maritime Organization (IMO) in accordance with MARPOL Annex VI regulations, which set a 0.5% sulfur limit for marine fuels. Ship operators have been forced to switch from high sulfur fuels to LSFO as a result of this policy, which was implemented to reduce air pollution and the health hazards that are linked with it. Adherence to these regulations not only spares businesses from heavy fines but also advances cleaner marine transport options in line with international sustainability goals.

Concerns Regarding Sustainability: An further key factor driving the LSFO market is rising environmental consciousness. Stakeholders in the marine industry are under growing pressure to lessen their carbon footprint as climate change becomes a pressing global concern. The reduced sulfur content of LSFO contributes to a reduction in the emission of harmful pollutants including sulfur oxides (SOx), which harmonizes shipping practices with environmental sustainability programs. Customers are beginning to favor businesses that are devoted to sustainable methods, which is good for the industry’s reputation as well as for the public health. As a result, businesses using LSFO are in a good position to satisfy consumer and government requirements while also having a positive environmental impact.

Global Low Sulfur Fuel Oil (LSFO) Market Restraints

Several factors can act as restraints or challenges for the Low Sulfur Fuel Oil (LSFO) Market. These may include:

Regulatory Difficulties: The market for low-sulfur fuel oil (LSFO) is beset by regulatory obstacles. Sulfur content in fuels is regulated strictly by governments and international organizations such as the International Maritime Organization (IMO) in order to reduce pollution to the environment and adhere to climate agreements. Suppliers face financial hardship as a result of the significant infrastructure and technological improvements needed to comply with these standards. Furthermore, uncertainty brought on by prospective legislative changes may deter investment in the development of LSFOs. It can be detrimental to a company’s profitability and competitiveness in the market for them to have to keep up with regulatory changes and spend money on research to develop innovative gasoline formulas that meet evolving regulations.

Volatility of the Market: Geopolitical concerns and shifting crude oil prices are the main causes of price volatility in the LSFO market. The cost of producing LSFO may rise in response to an abrupt increase in oil prices, which would reduce its appeal to customers in comparison to other options. Furthermore, pricing and availability can change quickly due to shifts in demand from important businesses like shipping. Because of this volatility, some prospective customers may be reluctant to commit to long-term fixed-rate contracts (LSFOs) or may want to move to less expensive options. This volatility presents a challenge for market players to overcome since it may discourage investment and impede the LSFO sector’s overall expansion.

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.

The annual price of West Texas Intermediate (WTI) crude oil is expected to reach an average of 70.62 U.S. dollars per barrel in 2025, according to a February 2025 forecast. This would be a decrease of roughly six U.S. dollar compared to the previous year. In the first few weeks of 2025, weekly crude oil prices largely stayed below 75 U.S. dollars per barrel. What are benchmark crudes? WTI is often used as a price reference point called a benchmark (or ”marker”) crude. This category includes Brent crude from the North Sea, Dubai Crude, as well as blends in the OPEC reference basket. WTI, Brent, and the OPEC basket have tended to trade closely, but since 2011, Brent has been selling at a higher annual spot price than WTI, largely due to increased oil production in the United States. What causes price volatility? Oil prices are historically volatile. While mostly shaped by demand and supply like all consumer goods, they may also be affected by production limits, a change in U.S. dollar value, and to an extent by market speculation. In 2022, the annual average price for WTI was close to the peak of nearly 100 U.S. dollars recorded in 2008. In the latter year, multiple factors, such as strikes in Nigeria, an oil sale stop in Venezuela, and the continuous increase in oil demand from China were partly responsible for the price surge. Higher oil prices allowed the pursuit of extraction methods previously deemed too expensive and risky, such as shale gas and tight oil production in the U.S. The widespread practice of fracturing source rocks for oil and gas extraction led to the oil glut in 2016 and made the U.S. the largest oil producer in the world.