Heating Oil rose to 2.47 USD/Gal on July 11, 2025, up 3.46% from the previous day. Over the past month, Heating Oil's price has risen 11.10%, but it is still 1.60% lower 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 July of 2025.

Graph and download economic data for No. 2 Heating Oil Prices: New York Harbor (DHOILNYH) from 1986-06-02 to 2025-07-07 about new york harbor, heating, New York, oil, commodities, and USA.

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.

As of the fourth quarter of 2024, oil prices in the United Kingdom stood at 74 dollars per barrel, with prices expected to rise to 76.6 dollars a barrel in early 2025, before gradually falling in subsequent quarters.

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

Get the latest insights on price movement and trend analysis of Fuel Oil in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Crude Oil rose to 68.75 USD/Bbl on July 11, 2025, up 3.27% from the previous day. Over the past month, Crude Oil's price has risen 1.04%, but it is still 16.37% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil - values, historical data, forecasts and news - updated on July of 2025.

On July 7, 2025, the Brent crude oil price stood at 69.62 U.S. dollars per barrel, compared to 67.93 U.S. dollars for WTI oil and 69.92 U.S. dollars for the OPEC basket. Prices rose slightly that week, following signs of an increase in demand.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.

Brent rose to 70.45 USD/Bbl on July 14, 2025, up 0.12% from the previous day. Over the past month, Brent's price has fallen 3.80%, and is down 16.98% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil - values, historical data, forecasts and news - updated on July of 2025.

The Extra Light Heating Oil market is experiencing robust growth, projected to reach a market size of $5 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 4.5% from 2025 to 2033. This growth is fueled by several key drivers, including increasing demand from residential and commercial sectors in colder climates, particularly in regions with limited access to natural gas pipelines. Furthermore, the ongoing energy transition is influencing the market, with a shift toward cleaner-burning heating oils and the development of blended fuels to reduce carbon emissions. However, the market faces restraints such as stringent environmental regulations aimed at curbing greenhouse gas emissions and increasing competition from alternative heating solutions like heat pumps and biomass fuels. These factors necessitate innovative solutions and technological advancements within the industry to maintain its competitive edge. Major players in the Extra Light Heating Oil market, such as Pentas Flora, NIS Future At Work, NEOT Group, NESTE, Caltex, MOL Group, and others, are strategically focusing on expanding their product portfolios, improving distribution networks, and investing in research and development to cater to the evolving consumer preferences and environmental concerns. Market segmentation analysis reveals a significant demand from the residential sector, followed by commercial applications. Geographical distribution varies depending on climate and energy infrastructure, with mature markets exhibiting slower growth compared to emerging economies in colder regions experiencing rapid industrialization and urbanization. The forecast period of 2025-2033 presents both opportunities and challenges, requiring companies to adapt to evolving market dynamics and regulatory landscapes. A focus on sustainability and the development of eco-friendly solutions will be crucial for long-term success.

According to Cognitive Market Research, the global Commercial Aircraft Aviation Fuel market size will be USD XX million in 2023. It will expand at a compound annual growth rate (CAGR) of 15.20% from 2023 to 2030.

The demand for Commercial Aircraft Aviation Fuel is rising due to increasing focus on reducing carbon emissions.
Demand for air turbine fuel remains higher in the Commercial aircraft aviation fuel market.
The passenger aircraft category held the highest Commercial Aircraft Aviation Fuel market revenue share in 2023.
North American Commercial Aircraft Aviation Fuel will continue to lead, whereas the European Commercial Aircraft Aviation Fuel market will experience the most substantial growth until 2030.

Expansion of the Tourism Industry to Provide Viable Market Output

The expansion of tourism is influencing the market's growth. The surge in global tourism has led to a rise in air travel demand, subsequently driving the need for aviation fuel. As more people explore diverse destinations, airlines are compelled to increase their fleets and flights, increasing fuel consumption. Additionally, emerging economies witnessing a boost in tourism further amplify this trend. The expansion of the tourism sector acts as a key driver, stimulating investments and innovations in aviation fuel technology to meet the escalating requirements of the growing commercial airline industry.

For instance, According to the World Tourism Organization, a specialized agency of the United Nations (UN), tourist arrivals in Maldives in January 2021 stood at 92,103. This count rose to 99,397 by 3rd February 2021. The growing count of tourists is creating promising scope for the aviation industry.

Source-www.unwto.org/maldives-tourism-looking-up-after-reopening

Increased Development of Jet-a-fuels to Propel Market Growth

The development of jet-a-fuels has significantly impacted the Commercial aircraft aviation fuel market. Jet-A fuels are undergoing advancements to enhance fuel efficiency, reduce carbon emissions, and comply with stringent environmental regulations. These innovations focus on improving the energy density of fuels, exploring alternative and renewable sources, and optimizing combustion processes. The rise in demand for cleaner and more sustainable aviation fuels, coupled with a global emphasis on reducing the environmental impact of air travel, is compelling the industry to invest in research and development, thereby fostering the evolution of Jet-A fuels for a more eco-friendly aviation future.

For instance, in June 2021, researchers at Washington State University developed a process for turning waste plastics into sustainable jet-A fuel. If the process is refined and applied on a large scale, the procedure is expected to address major environmental problems, including greenhouse gas emissions and plastic pollution.

Source-news.wsu.edu/press-release/2021/05/17/new-technology-converts-waste-plastics-jet-fuel-hour/

Market Dynamics of the Commercial Aircraft Aviation Fuel Market

Fluctuation in Oil Prices to Restrict Market Growth

The fluctuation in oil prices hinders the growth of the market. The industry is highly sensitive to changes in crude oil prices, affecting the overall operational costs for airlines. Frequent spikes in oil prices can lead to increased expenses for fuel, impacting profit margins and necessitating adjustments in ticket prices. Conversely, a decline in oil prices may provide temporary relief but can disrupt long-term planning and investments in fuel-efficient technologies. The unpredictable nature of oil price fluctuations introduces financial uncertainties, making it challenging for airlines to budget effectively and potentially hindering the adoption of sustainable aviation fuel alternatives.

Impact of COVID–19 on the Commercial Aircraft Aviation Fuel market

The COVID-19 pandemic significantly affected the Commercial Aircraft Aviation Fuel market. The unprecedented decline in air travel demand led to reduced flight operations, impacting the aviation fuel sector. Airlines faced financial challenges, resulting in fleet groundings and delayed deliveries of new aircraft. It led to a surplus of aviation fuel, causing a price drop. Governments implemented travel restrictions and lockdowns, further exacerbating the industry's woes. As the world strives for recovery, the aviation fuel market is gradually rebounding, but uncertainties ...

The global fuel oil market, valued at approximately $150 billion in 2025, is projected to experience robust growth, driven primarily by increasing energy demand in developing economies and the persistent reliance on fuel oil in certain industrial sectors like maritime transport and power generation. The market's compound annual growth rate (CAGR) is estimated at 3.5% from 2025 to 2033, indicating a steady expansion despite the global push towards cleaner energy sources. Key drivers include the ongoing need for heavy fuel oil in shipping, particularly in emerging markets with less stringent emission regulations, and its continued use in certain industrial processes where it remains a cost-effective energy source. However, stringent environmental regulations aimed at reducing sulfur emissions, coupled with the increasing adoption of cleaner alternatives such as natural gas and renewable energy sources, pose significant restraints on market growth. The market is segmented by application (transportation, petrochemical, petroleum refineries, building) and type (distillate and residual fuel oil), with residual fuel oil holding a larger market share due to its widespread use in the maritime and power generation sectors. Geographic analysis reveals that Asia-Pacific, particularly China and India, will be a major growth engine due to their expanding industrial sectors and rising energy consumption. North America and Europe, while mature markets, will continue to contribute significantly, although their growth rates will likely be slower than those in developing regions. The competitive landscape is dominated by major integrated oil and gas companies such as Gazprom, Rosneft, ExxonMobil, PetroChina, BP, Royal Dutch Shell, Chevron, Petrobras, Lukoil, Total, and Equinor. These companies wield significant influence over production, distribution, and pricing, shaping the market dynamics. Future growth hinges on the balance between the persistent demand for cost-effective energy solutions and the increasing pressure to transition towards cleaner and more sustainable energy alternatives. The market's trajectory will be significantly influenced by government policies, technological advancements in emission control, and the evolving global energy landscape. Companies are investing in cleaner fuel technologies and diversifying their portfolios to adapt to the changing market conditions.

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.

The global heating fuels market is experiencing robust growth, driven by increasing energy demands across residential, commercial, and industrial sectors. While precise figures for market size and CAGR aren't provided, a reasonable estimation based on typical growth rates in the energy sector and considering the diverse applications of heating fuels (oil, LPG, etc.) suggests a market size of approximately $500 billion in 2025. This substantial market is expected to exhibit a Compound Annual Growth Rate (CAGR) of around 3-4% from 2025 to 2033, reaching an estimated $700 billion by 2033. This growth is fueled by factors like rising urbanization, industrial expansion in developing economies, and the continued reliance on heating fuels in regions with less developed renewable energy infrastructure. Key market segments include oil and LPG, with significant demand across heating equipment, boilers, and furnaces. Major players such as Moyer, Bourne's Energy, Irving Oil, and others compete in this market, focusing on distribution networks, supply chain efficiency, and catering to diverse customer needs. However, the market faces several constraints. Environmental regulations aimed at reducing greenhouse gas emissions are posing significant challenges. The increasing adoption of renewable energy sources and energy-efficient technologies also presents a competitive threat to the continued growth of heating fuels. Furthermore, fluctuating crude oil prices and geopolitical uncertainties can significantly impact the market's stability. The geographical distribution of market share is likely uneven, with North America and Europe holding a significant portion, while Asia-Pacific is poised for substantial growth given its increasing energy demand and industrialization. Strategic investments in research and development of cleaner fuels and efficient heating technologies will be crucial for market participants to navigate these challenges and capitalize on long-term growth opportunities. This in-depth report provides a comprehensive analysis of the global heating fuels market, encompassing production, consumption patterns, key players, and future growth projections. The report leverages extensive market research and data analysis to offer valuable insights for businesses, investors, and policymakers operating within this dynamic sector. Keywords: Heating Oil Market, LPG Market, Heating Fuel Production, Boiler Fuel, Furnace Fuel, Heating Equipment Market, Energy Market Analysis.

According to Cognitive Market Research, the global Low-Sulfur Fuel Oil (LSFO) market will be USD 49514.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 19.50% from 2024 to 2031.

North America was the major Market, accounting for more than 40% of global revenue. With a market size of USD 19805.68 million in 2024, it will grow at a compound annual growth rate (CAGR) of 17.7% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 14854.26 million.
Asia Pacific held a market share of around 23% of global revenue, with a market size of USD 11388.27 million in 2024, and will grow at a compound annual growth rate (CAGR) of 21.5% from 2024 to 2031.
Latin America's Market will have more than 5% of the global revenue with a market size of USD 2475.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.9% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The Market was USD 990.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031.
The 2000 PPM held the highest Low Sulfur Fuel Oil - LSFO market revenue share in 2024.

Increasing Awareness of Air Quality Issues to Boost Market Growth

The increasing awareness of air quality issues serves as a pivotal driver in the Low Sulfur Fuel Oil (LSFO) market. As global environmental concerns escalate, there is a growing recognition of the adverse impact of traditional high-sulfur fuels on air quality and human health. Governments and regulatory bodies worldwide are implementing stringent emission standards to mitigate pollution, particularly in the maritime sector. This heightened awareness has led to a substantial shift toward cleaner and environmentally friendly alternatives, such as LSFO.

Stakeholders in various industries, including shipping and logistics, are now prioritizing sustainable practices to reduce their carbon footprint. The emphasis on air quality improvement has created a significant market demand for LSFO, as it aligns with the broader objective of reducing sulfur dioxide emissions and other harmful pollutants. Consequently, the LSFO market experiences a surge in adoption, driven by the imperative to address air quality concerns and promote a more sustainable and ecologically responsible approach to energy consumption.

Advancements in Refining Technologies to Boost Market Growth

Advancements in refining technologies play a pivotal role as a driver in the Low Sulfur Fuel Oil (LSFO) market. With the implementation of stringent sulfur emission regulations, refineries have been compelled to innovates their processes for producing cleaner fuels. The development of advanced refining techniques, such as hydrocracking and desulfurization methods, enables the efficient removal of sulfur from fuel oils, yielding low sulfur content in compliance with environmental standards. These technological strides not only enhance the production of LSFO but also contribute to increased fuel efficiency and reduced environmental impact. The continuous evolution of refining technologies empowers the industry to meet and surpass regulatory requirements, ensuring the production of high-quality LSFO. As a result, these advancements not only drive market growth but also foster sustainability by minimizing air pollution and supporting the global transition towards cleaner energy sources in maritime and other industries dependent on fuel oil.

Market Restraints of the Low Sulfur Fuel Oil LSFO market

Uncertainties in Global Crude Oil Prices to Limit Market Growth:

Uncertainties in global crude oil prices serve as a significant restraint in the Low Sulfur Fuel Oil (LSFO) market. Fluctuations in crude oil prices impact the overall cost structure of LSFO production, leading to volatility in its market pricing. LSFO, derived from crude oil, is susceptible to variations in geopolitical events, economic conditions, and supply-demand dynamics. Sudden spikes or declines in crude oil prices can pose challenges for LSFO market participants, affecting their profitability and decision-making processes. Additionally, uncertainties surrounding future oil price trends create a challenging environment for long-term investment planning in LSFO production and infrastructure. Market players in the LSFOector must navigate these uncertainties, employing risk mana...

About the ProjectWe developed the KAPSARC Energy Model for Saudi Arabia (KEM-SA) to understand the dynamics of the country’s energy system. It is a partial equilibrium model formulated as a mixed complementarity problem to capture the administered prices that permeate the local economy. KEM-SA has been previously used to study the impacts of various industrial fuel pricing policies and improved residential efficiency on the energy economy. The passenger transportation model presented in this paper helps understand more of the end-use energy demand.Key PointsIn 2016, policymakers in Saudi Arabia increased domestic transportation fuel prices, which are expected to approach market levels in the near future. Current low crude oil prices offer an excellent opportunity for policymakers to deregulate the passenger transportation sector without a significant change in local fuel prices. We developed a bottom-up transportation sub-model and integrated it with the KAPSARC Energy Model (KEM) to assess whether consumers could afford such reforms; and the resulting travel mode choices, energy consumption levels and revenue. We do not consider price-induced efficiency improvements; hence, the results would represent an upper bound for the shift to public modes.Despite a deregulation of the passenger transportation sector, Saudi households would continue to allocate one of the lowest transport budgets (as a percentage of income) in Gulf Cooperation Council (GCC) countries and also stay within Saudi Arabian historical boundaries.Deregulating fuel prices would encourage consumers to travel by more efficient public transport modes, as they become available in the near future, leading to significant energy savings and CO2 emissions reductions of between 4 million to 26 million metric tons (mt) per year.The Kingdom would receive an annual average $8.2 billion as additional revenue from domestic sales and exports in the varying crude price scenario and $5 billion in the fixed $60/bbl scenario.Despite the increase in transport fuel price, the net gain for Saudi Arabia in the varying crude oil price scenario remains positive as a result of substantial increase in revenue and the introduction of more convenient public travel modes.Our findings show that analyzing energy policies using empirical estimates are generally valid even for large variations in price; however, if new transport modes and technologies are introduced in Saudi Arabia, consumer response may be slightly greater than that of empirical estimate, which did not account for such new modes.

The High Sulfur Fuel Oil (HSFO) market, while facing significant headwinds from increasingly stringent environmental regulations, remains a substantial sector, particularly in niche applications. While precise market sizing data is unavailable, a reasonable estimation, considering the involvement of major global players like ExxonMobil, Shell, and BP, places the 2025 market value at approximately $150 billion. This figure reflects a mature market with a relatively low Compound Annual Growth Rate (CAGR) of, let's say, 2% between 2025 and 2033. This slow growth is primarily attributed to the ongoing transition to cleaner fuels such as low-sulfur fuel oil and liquefied natural gas (LNG), driven by the International Maritime Organization (IMO) 2020 sulfur cap and growing environmental concerns. However, HSFO continues to find demand in specific industrial applications, particularly in certain regions with less stringent regulations and limited access to alternative fuels. Key drivers include established infrastructure and cost-effectiveness compared to cleaner alternatives in some scenarios. Major restraints include the aforementioned environmental regulations, along with the volatility of crude oil prices and the ongoing development of alternative fuel technologies. The segmentation of the HSFO market reflects its diverse applications. While detailed segment breakdown is absent, we can infer key segments based on end-use including marine transport (a significant segment facing the most pressure from regulation), power generation (particularly in developing nations), and industrial heating. The geographic distribution is likely uneven, with higher consumption in regions with less stringent environmental standards or a greater reliance on older power plants. Competitive dynamics are intense, with major multinational oil companies dominating the market, creating a balance between price competitiveness and operational efficiency. Forecasting beyond 2025 suggests a continued, albeit slow, growth trajectory primarily fueled by consistent albeit decreasing demand from existing industries and geographic segments resistant to rapid fuel transitions. The future of HSFO will largely depend on the pace of global adoption of cleaner fuel alternatives and the evolving regulatory landscape across various countries.

As of May 2025, the average annual price of Brent crude oil stood at 72 U.S. dollars per barrel. This is some eight 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.

The Light Cycle Oil (LCO) market is experiencing robust growth, driven by increasing demand from various sectors. While precise figures for market size and CAGR are not provided, based on industry trends and comparable markets, a reasonable estimation can be made. Let's assume a 2025 market size of $15 billion USD for the global LCO market, with a Compound Annual Growth Rate (CAGR) of 4% projected for the period 2025-2033. This growth is fueled primarily by the expanding maritime and transportation sectors, which rely heavily on diesel fuel derived from LCO. The increasing use of LCO in the production of gasoline and kerosene also contributes significantly to market expansion. Furthermore, growth in mining and industrial applications further solidifies LCO's importance within the global energy landscape. The market's regional distribution is likely skewed toward regions with strong refining capacities and significant energy consumption, such as North America, Europe, and Asia-Pacific. However, emerging economies in the Middle East and Africa present considerable untapped potential, promising future market expansion. Several factors could influence the trajectory of LCO market growth. Stringent environmental regulations regarding sulfur content and emissions pose a challenge, necessitating ongoing investment in refining technologies. Fluctuations in crude oil prices also impact LCO production costs and profitability. Nevertheless, the consistent demand for fuels, particularly diesel, across various sectors ensures continued relevance for LCO. The competitive landscape is characterized by a mix of major integrated oil companies and regional players. The ongoing consolidation and strategic partnerships within the industry will likely shape the market's future dynamics.

The price of jet kerosene in India has reached 1155 USD/MT in the fourth quarter of 2023. The Indian market has been witnessing a fair share of opportunities due to the relaxation of US sanctions on Venezuela, which enables the nation to procure crude oil at better competitive prices, which is highly likely to change the import strategies. Other than this, the production costs of jet kerosene across the region reduced when the supply interruptions caused due to the Israel-Hamas conflict, got better. Moreover, jet kerosene oil prices witnessed a considerable low due to the inflow of economical crude oil from Venezuela. According to numerous reports, various oil marketing companies including Bharat Petroleum Corporation, Indian Oil corporation, and Hindustan Petroleum Corporation are prepared to reduce the fuel prices in the upcoming future.

Jet Kerosene Prices December 2023

Explore IMARC's latest publication, “Jet Kerosene Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the jet kerosene market, providing insights into both global and regional trends that are shaping prices.