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.

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.

View weekly updates and historical trends for New England Residential Heating Oil Price. from United States. Source: Energy Information Administration. Tr…

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

As of the third quarter of 2025, oil prices in the United Kingdom stood at 68.1 dollars per barrel, with prices expected to fall to 65 dollars a barrel in the fourth quarter of the year.

Heating Oil Market, Heating Oil Market Size, Heating Oil Market Trends, Heating Oil Market Forecast, Heating Oil Market Risks, Heating Oil Market Report, Heating Oil Market Share

Crude Oil fell to 59.17 USD/Bbl on December 2, 2025, down 0.25% from the previous day. Over the past month, Crude Oil's price has fallen 3.08%, and is down 15.40% compared to the same time last year, 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 December of 2025.

On October 27, 2025, the Brent crude oil price stood at 65.14 U.S. dollars per barrel, compared to 61.31 U.S. dollars for WTI oil and 67.54 U.S. dollars for the OPEC basket. Oil prices rose slightly that week.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 global 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 (where a contract is agreed upon while 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.

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.

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.

View weekly updates and historical trends for Connecticut Residential Heating Oil Price. from United States. Source: Energy Information Administration. Tr…

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).

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.

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.

Renewable Heating Oil Market Outlook

According to our latest research, the Global Renewable Heating Oil market size was valued at $4.7 billion in 2024 and is projected to reach $14.2 billion by 2033, expanding at a CAGR of 12.8% during 2024–2033. This remarkable growth trajectory is primarily driven by the increasing global emphasis on decarbonization and the urgent need to transition away from fossil-based heating solutions. The push for sustainable energy, coupled with stringent environmental regulations and government incentives, is propelling the adoption of renewable heating oil across residential, commercial, and industrial sectors. As countries worldwide set ambitious net-zero targets, the market is witnessing robust investments in advanced feedstock processing, innovative distribution models, and next-generation bio-refineries, signaling a transformative phase for the renewable heating oil industry.

Regional Outlook

Europe currently commands the largest share of the global renewable heating oil market, accounting for over 42% of total market value in 2024. This dominance is rooted in the region’s mature energy infrastructure, progressive environmental policies, and aggressive decarbonization mandates from the European Union. Countries such as Germany, the United Kingdom, and the Netherlands have implemented robust renewable energy targets, offering substantial subsidies and tax incentives for bio-based heating solutions. The widespread adoption of renewable heating oil in both residential and commercial applications is further supported by strong consumer awareness and a well-established supply chain for advanced biofuels. The region’s leadership is also underpinned by significant investments in R&D, resulting in innovative feedstock blending technologies and efficient distribution networks that facilitate seamless market penetration.

Asia Pacific is emerging as the fastest-growing region in the renewable heating oil market, with an impressive projected CAGR of 15.6% during 2024–2033. This rapid expansion is fueled by escalating energy demand, urbanization, and increasing government focus on sustainable development. China, Japan, and South Korea are spearheading regional growth through strategic investments in renewable energy infrastructure, supportive policy frameworks, and public-private partnerships aimed at reducing carbon footprints. The region is witnessing a surge in pilot projects and commercial-scale deployments of renewable heating oil, particularly in industrial and institutional sectors. Additionally, the proliferation of innovative feedstock sources, such as used cooking oil and agricultural residues, is enhancing supply chain resilience and cost competitiveness, further accelerating market adoption across diverse end-user segments.

Emerging economies in Latin America, the Middle East, and Africa are gradually entering the renewable heating oil landscape, albeit facing unique adoption challenges. While these regions offer significant long-term potential due to rising energy needs and growing environmental consciousness, market penetration is often hindered by limited infrastructure, volatile policy environments, and fragmented supply chains. Localized demand is primarily driven by institutional and utility sectors seeking alternatives to conventional heating fuels. However, inconsistent regulatory support and lack of standardized quality benchmarks pose barriers to widespread adoption. Despite these hurdles, targeted government initiatives, international collaborations, and capacity-building programs are beginning to create favorable conditions for renewable heating oil deployment in these high-growth markets.

Report Scope

Heating Oil Market Outlook

According to our latest research, the global heating oil market size reached USD 34.7 billion in 2024, reflecting a robust sector that continues to play a vital role in residential, commercial, and industrial heating. The market is projected to expand at a CAGR of 3.2% from 2025 to 2033, with the total market size forecasted to reach USD 46.1 billion by 2033. This growth is driven by a combination of factors, including the ongoing demand for efficient heating solutions in colder regions, the gradual adoption of cleaner and low-sulfur variants, and the increasing integration of bio-based heating oils. As per our latest research, the marketÂ’s expansion is underpinned by evolving regulations, technological advancements, and shifting consumer preferences toward sustainable heating alternatives.

One of the primary growth factors for the heating oil market is the enduring demand for reliable and efficient heating solutions in regions characterized by harsh winters and extended cold seasons. Residential and commercial consumers in North America and Europe, in particular, continue to rely heavily on heating oil due to its high energy density and established distribution infrastructure. The need for uninterrupted heating supply during peak winter periods ensures consistent demand, while the flexibility of heating oil systems to adapt to various building types further drives market penetration. Additionally, the ongoing modernization of heating systems, which increasingly integrate smart thermostats and energy management solutions, is enhancing the efficiency and appeal of heating oil as a primary fuel source.

Environmental considerations are also shaping the growth trajectory of the heating oil market. Regulatory pressures aimed at reducing carbon emissions and sulfur content in fuels have led to the development and adoption of low sulfur heating oil and bioheat alternatives. The shift toward these cleaner variants is not only driven by compliance requirements but also by growing consumer awareness of environmental issues. Bioheat, which blends traditional heating oil with renewable biodiesel, is gaining traction as a sustainable alternative, particularly in regions with stringent emissions regulations. This transition is supported by government incentives, industry partnerships, and advancements in refining technologies, all of which contribute to a more diversified and environmentally responsible market landscape.

Another significant growth driver is the evolving distribution landscape, which is increasingly leveraging digital platforms and streamlined logistics to enhance customer experience and operational efficiency. The rise of online retail channels for heating oil procurement, combined with the expansion of direct sales models, is making it easier for end-users to access competitive pricing and flexible delivery options. Distributors and wholesalers are also investing in advanced tracking and scheduling systems, improving supply chain reliability and responsiveness. These innovations are not only reducing operational costs but also enabling providers to offer value-added services, such as automated refill programs and real-time consumption monitoring, further strengthening market growth.

Kerosene, a derivative of petroleum, has historically been a significant component of the heating oil market, particularly in regions where it serves as a primary heating source. Its versatility and ability to burn cleanly have made it a preferred choice for portable heaters and lamps, especially in areas lacking access to electricity or natural gas. As the market evolves, kerosene's role is being redefined by advancements in refining processes that enhance its efficiency and reduce emissions. This shift is further supported by regulatory frameworks that encourage the use of cleaner fuels, positioning kerosene as a viable option in the transition towards more sustainable energy solutions. The integration of kerosene with modern heating systems is also being explored, offering potential for innovation in both residential and commercial applications.

Regionally, the heating oil market exhibits diverse growth dynamics, with North America and Europe remaining the largest and most mature markets due to their climatic conditions and established infrastructure. However, emerging economies in Asia Pacific and Latin America a

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

Is the TR/CC CRB Heating Oil Index a Reliable Gauge of Market Trends?

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

View weekly updates and historical trends for US Residential Heating Oil Price. from United States. Source: Energy Information Administration. Track econo…

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.