Heating Oil rose to 2.35 USD/Gal on December 2, 2025, up 0.21% from the previous day. Over the past month, Heating Oil's price has fallen 2.25%, but it is still 6.31% higher than a year ago, 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 December of 2025.

Snapshot img { margin: 10px !important; } The fuel oil market size will decrease by USD 84.77 billion during 2020-2024. This report provides a detailed analysis of the market by application (marine, industrial, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., Exxon Mobil Corp., JXTG Holdings Inc., PJSC LUKOIL, PT Pertamina(Persero), Qatar Petroleum, Reliance Industries Ltd., Royal Dutch Shell Plc, and SK Innovation Co. Ltd.

Market Overview

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Market Competitive Analysis

The fuel oil market is fragmented with numerous vendors that produce and supply fuel oil to customers. Vendors need to make high capital investments to remain competitive in the market. BP Plc, Chevron Corp., and Exxon Mobil Corp. are some of the major market participants. Although the rise in world energy demand will offer immense growth opportunities, the fluctuations in crude oil prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this fuel oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this fuel oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

BP Plc
Chevron Corp.
Exxon Mobil Corp.
JXTG Holdings Inc.
PJSC LUKOIL
PT Pertamina(Persero)
Qatar Petroleum
Reliance Industries Ltd.
Royal Dutch Shell Plc
SK Innovation Co. Ltd.

Fuel Oil Market: Segmentation by Application

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The primary requirement of any marine engine is to propel the ship or generate onsite power by using the energy obtained from burning fuel oil. The mega marine engines of ships burn tons of fuel every day to propel the massively loaded ships. The rise in demand for bunker fuel oil due to the growing seaborne trade and growing naval activities will drive the demand for fuel oil for marine.

However, market growth in this segment will be slower than the growth of the market in the industrial and other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel oil market size.

Fuel Oil Market: Segmentation by Geography

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North America will offer several growth opportunities to market vendors during the forecast period. The strong consumption of space heating fuel, growing refinery capacity, and proliferating marine trade will significantly influence fuel oil market growth in this region over the forecast period. The US is a key market for fuel oil in North America.

Fuel Oil Market: Key Drivers and Trends

The fluctuation in oil prices has affected the business of several oil and gas companies and refinancing companies. As a result, crude oil processing projects generate less revenue and many oil and gas companies suspend or postpone their exploration and production projects. Fluctuations in crude oil prices also impact investments in E&P and refining projects. Such factors will result in a slowdown in the growth of the global fuel oil market during the forecast period.

The adoption of blockchain in the oil and gas industry helps in overcoming several issues including the complexity of logistics, high fuel prices, and environmental pollution. Blockchain platforms facilitate secure and faster transactions between the entities and maintain transparency. Blockchain also helps in reducing cash cycle time and intermediary costs. These benefits will result in an increase in the adoption of blockchain to enhance the overall operational efficiency of the existing refineries. As a result of such factors, the fuel oil market will register a CAGR of (13)% during the forecast period.

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Fuel Oil Market: Key Highlights of the Report for 2020-2024

CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will drive fuel oil market growth during the next five years
Precise estimation of the f

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.

Fuel oil market is projected to grow at a CAGR of 4.3% during the forecast period, 2023-2030.

The Heavy Fuel Oil Market Report is Segmented by Product Type (High Sulphur Fuel Oil, Low Sulphur Fuel Oil, Very Low Sulphur Fuel Oil, Intermediate Fuel Oil, and Residual Fuel Oil), Application (Marine, Power Generation, Industrial Heating, and Refinery and Petrochemical Feedstock), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa).

Explore insights from Market Research Intellect's Home Heating Oil Market Report, valued at USD 23.5 billion in 2024, expected to reach USD 30.2 billion by 2033 with a CAGR of 4.2% during 2026-2033.Uncover opportunities across demand patterns, technological innovations, and market leaders.

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India Petroleum Consumption: Furnace Oil: Industry data was reported at 2,492.000 Ton th in 2017. This records an increase from the previous number of 2,136.000 Ton th for 2016. India Petroleum Consumption: Furnace Oil: Industry data is updated yearly, averaging 2,977.000 Ton th from Mar 1985 (Median) to 2017, with 33 observations. The data reached an all-time high of 5,057.000 Ton th in 2002 and a record low of 1,562.000 Ton th in 2005. India Petroleum Consumption: Furnace Oil: Industry data remains active status in CEIC and is reported by Central Statistics Office. The data is categorized under Global Database’s India – Table IN.RBH004: Petroleum: Consumption: by Sectors.

Graph and download economic data for No. 2 Heating Oil Prices: New York Harbor (WHOILNYH) from 1986-06-06 to 2025-10-31 about new york harbor, heating, New York, oil, commodities, and USA.

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.

The global heating oil market, encompassing various fuel types like gas oil, kerosene, and others, for both household and industrial applications, is poised for significant growth. While precise market size figures for 2025 aren't provided, a reasonable estimate can be derived by extrapolating from available data and considering industry trends. Assuming a consistent Compound Annual Growth Rate (CAGR) and acknowledging fluctuating energy prices and evolving environmental regulations, the market is likely valued in the billions, rather than millions. The market's growth is primarily fueled by increasing energy demand in both residential and commercial sectors, particularly in regions with colder climates. Strong economic growth in developing nations, coupled with rising urbanization and expanding industrial activities, further contribute to this expansion. However, the market faces considerable restraints. Stringent environmental regulations aimed at reducing carbon emissions, the push for renewable energy sources, and concerns about fuel price volatility present significant challenges. The shift towards cleaner energy alternatives, such as heat pumps and district heating systems, is also expected to impact the market share of traditional heating oils in the long term. Nevertheless, the continued reliance on heating oil in specific regions, coupled with the development of more efficient and cleaner burning heating oil technologies, offers potential for continued, albeit potentially moderated, growth within specific market segments. Segmentation by application (household versus industrial) and fuel type (gas oil, kerosene, etc.) provides a deeper understanding of market dynamics, revealing different growth trajectories and influencing factors within each segment. Key players in this market, including Tevis Energy, Certas Energy, and others listed, are constantly adapting their strategies to navigate these market forces.

The global fuel oil market attained a value of USD 204.75 Billion in 2024 and is projected to expand at a CAGR of 4.10% through 2034. The market is further expected to achieve USD 306.01 Billion by 2034. Rising demand for lower-sulfur, performance-tuned fuel blends in shipping is pushing refiners to upgrade units and launch compliant, stability-enhanced fuel oils for regulatory and operational resilience.

The industry is steadily reshaping itself as suppliers push deeper into cleaner combustion technologies and hybrid thermal systems. One of the most notable shifts was observed in August 2023, when Neste expanded its renewable fuel oil production line, introducing an upgraded low-sulfur formulation designed for heavy industrial boilers. According to the fuel oil market analysis, nearly 38% of global industrial heat demand still relies on liquid fuels, which makes innovations in cleaner-burning fuel oil surprisingly influential. Hence, this move from Neste signals how producers are trying to protect long-term demand by offering blends that reduce SOx and particulate output without forcing facilities into expensive retrofits.

Apart from the product portfolio upgrades, suppliers are also investing in digital combustion monitoring systems that enhance operational visibility for refineries and shipping fleets. Companies like Valero and PetroChina have been piloting sensor-driven optimization platforms that allow customers to track burn efficiency, sludge formation, and furnace performance in real time. This shift toward smart monitoring is becoming a differentiator, especially in sectors where downtime or poor heat output directly affects production targets, accelerating the overall fuel oil market dynamics.

At the same time, the marine fuel category continues evolving fast. Companies like ExxonMobil offer a next-gen very low sulfur fuel oil (VLSFO) engineered to improve stability during long voyages, addressing one of the major pain points reported by ship owners since IMO 2020. Developments like these indicate a broader fuel oil market trend. Fuel oil suppliers are moving from simply fulfilling bulk demand to engineering performance-focused, compliant products that help industrial users manage both environmental and operational pressures.

Discover the latest insights on the global fuel oil market. This comprehensive analysis reveals a market valued at $150 billion in 2025, projected to grow at a 3.5% CAGR through 2033. Explore market drivers, restraints, regional trends, and key players shaping this dynamic industry.

View market daily updates and historical trends for New York Harbor Heating Oil Spot Price. Source: Energy Information Administration. Track economic data…

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Europe Fuel Oil Market is expected to grow during 2025-2031

Heating Oil Stocks in the United States increased to 57 Thousand Barrels in November 21 from -494 Thousand Barrels in the previous week. This dataset provides - United States Heating Oil Stocks - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fuel Oil Market Outlook

According to our latest research, the Global Fuel Oil market size was valued at $214.7 billion in 2024 and is projected to reach $312.5 billion by 2033, expanding at a CAGR of 4.3% during the forecast period of 2025 to 2033. This robust growth trajectory is primarily driven by the sustained demand from the maritime and power generation sectors, alongside the continued reliance on fuel oil as a critical energy source in emerging economies. The market’s expansion is further supported by ongoing investments in infrastructure modernization and the adaptation of cleaner and more efficient fuel oil variants to meet tightening environmental regulations. As global industrial activity rebounds and maritime trade volumes increase, the fuel oil market is poised for steady advancement over the next decade.

Regional Outlook

The Asia Pacific region holds the largest share of the global fuel oil market, accounting for approximately 41% of total market revenue in 2024. This dominance is attributed to the region’s vast industrial base, rapidly expanding shipping industry, and significant investments in power generation infrastructure. Countries such as China, India, Japan, and South Korea are major consumers, leveraging fuel oil for both electricity generation and marine transport. Favorable government policies, robust port infrastructure, and rising energy consumption have further propelled demand. Additionally, the presence of leading refineries and a strong focus on energy security have cemented Asia Pacific’s leadership position in the global fuel oil landscape.

The Middle East & Africa region is projected to be the fastest-growing market, with a CAGR of 5.1% from 2025 to 2033. This impressive growth is fueled by increasing investments in shipping and logistics, coupled with the region’s strategic location as a global energy trade hub. Key countries such as Saudi Arabia, the United Arab Emirates, and South Africa are ramping up infrastructure investments and expanding their refining capacities. The adoption of advanced fuel oil blends and the development of new ports and shipping corridors are also contributing to market acceleration. Furthermore, supportive government initiatives aimed at diversifying energy sources and boosting export capabilities are expected to sustain this growth momentum.

Emerging economies in Latin America and parts of Africa are experiencing a gradual uptick in fuel oil adoption, though several challenges persist. Localized demand is being driven by the need for reliable power generation and the expansion of industrial activities. However, these markets face hurdles such as volatile regulatory environments, limited access to modern refining technologies, and infrastructural constraints. Policy reforms aimed at improving energy access and incentivizing cleaner fuel adoption are gradually paving the way for increased fuel oil consumption. Nevertheless, the pace of market development remains uneven, highlighting the need for targeted investments and capacity-building initiatives to unlock the full potential of these regions.

Report Scope

Heating Oil Market Outlook

According to our latest research, the global heating oil market size reached USD 30.6 billion in 2024, demonstrating steady demand across both developed and emerging economies. The market is expected to grow at a CAGR of 3.4% from 2025 to 2033, reaching a projected value of USD 41.6 billion by 2033. Key growth factors include the ongoing modernization of heating systems, rising demand for efficient heating solutions in colder regions, and the gradual shift toward bio-based and low-sulfur alternatives. As per our comprehensive analysis, the heating oil market is poised for moderate yet stable expansion, driven by evolving regulatory frameworks and technological advancements in fuel efficiency.

One of the primary drivers propelling the heating oil market is the persistent need for reliable and efficient heating solutions in regions with harsh winters, particularly in North America and Europe. Residential and commercial buildings in these areas rely heavily on heating oil due to its high energy content and cost-effectiveness compared to other fuels. Furthermore, ongoing investments in infrastructure upgrades and retrofitting of older heating systems have contributed to sustained market demand. As governments implement stricter energy efficiency standards, there is a marked trend toward the adoption of advanced boilers and burners that maximize heating oil utilization, thereby enhancing overall system performance and reducing emissions.

Another significant growth factor is the increasing adoption of bio heating oil and low-sulfur variants, which address both environmental concerns and regulatory requirements. The transition toward cleaner and renewable energy sources is accelerating, supported by government incentives and heightened consumer awareness regarding carbon footprints. Bio heating oil, derived from renewable sources such as vegetable oils and animal fats, is gaining popularity as a sustainable alternative to traditional petroleum-based heating oils. This shift is not only helping end-users comply with environmental regulations but also providing new opportunities for market players to diversify their product portfolios and capture emerging market segments.

Technological advancements in heating oil storage, distribution, and combustion systems further bolster market growth. Innovations such as smart thermostats, remote monitoring, and automated fuel delivery services are enhancing user convenience and operational efficiency. Moreover, the integration of digital technologies in supply chain management is optimizing inventory levels and reducing delivery lead times, resulting in cost savings for both suppliers and consumers. These technological improvements, coupled with ongoing research and development efforts, are expected to drive market expansion and foster greater adoption of heating oil across various end-user segments.

From a regional perspective, North America and Europe collectively account for the largest share of the heating oil market, owing to their well-established heating infrastructure and cold climate conditions. In contrast, the Asia Pacific region is witnessing gradual market penetration, primarily driven by rural electrification programs and the replacement of traditional biomass fuels with more efficient heating oil solutions. Latin America and the Middle East & Africa represent smaller but steadily growing markets, as rising urbanization and industrialization spur demand for reliable heating options. Regional differences in climate, energy policies, and consumer preferences play a crucial role in shaping market dynamics and competitive strategies.

Type Analysis

The heating oil market is segmented by type into kerosene, gas oil, bio heating oil, and others, each catering to distinct applications and regulatory requirements. Kerosene has traditionally been a preferred choice for residential heating due to its high energy density and clean-burning properties. Its widespread availability and compatibility with existing heating systems make it a staple in many cold-climate regions. However, concerns over emissions and volatility in crude oil prices have led to fluctuating demand, prompting end-users to explore alternative options such as gas oil and bio heating oil. Despite these challenges, kerosene maintains a significant market share, particularly in rural and remote areas where infrastructure for natural gas or electricity is limited.

Statistics illustrates market overview of heavy furnace oil (heating or motor fuel) <1% sulphur in Poland from 2007 to 2024.