Heating Oil rose to 2.31 USD/Gal on September 1, 2025, up 1.65% from the previous day. Over the past month, Heating Oil's price has fallen 0.45%, but it is still 1.17% 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 September 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.

Graph and download economic data for No. 2 Heating Oil Prices: New York Harbor (DHOILNYH) from 1986-06-02 to 2025-08-25 about new york harbor, heating, New York, oil, commodities, and USA.

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

Denmark has one of the highest prices for heating oil in the world. In 2020, Danish households paid over 1,600 U.S. dollars per 1,000 liters of light fuel oil. This was more than double the cost of heating oil for households in neighboring Germany. Germany has some of the lowest light fuel oil prices in the world.

The average price of light heating oil fluctuated in the timeline displayed, with a particularly significant price jump recorded in March 2022. As of May 2025, the average consumer price (incl. VAT) for a liter of light heating oil was around 89.6 euro cents.

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.

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).

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

The Average Residential Retail Kerosene Prices dataset provides New York residents and businesses with objective information on average residential retail kerosene pricing in New York State and by region beginning September 4, 2000. Pricing data is obtained via surveys conducted by New York State Energy Research and Development Authority (NYSERDA) staff on a weekly basis during heating season (September to March) and bi-weekly during the rest of the year. All prices are listed in dollars per gallon. The Average Home Heating Oil Prices dataset, Average Residential Retail Kerosene Prices dataset, and Average Residential Retail Propane Prices dataset are collectively referred to as the Heating Fuel Prices dataset. For current and historical residential retail price data, regional comparisons, and fuel type comparisons, please visit the Kerosene Prices Dashboard: https://www.nyserda.ny.gov/researchers-and-policymakers/energy-prices/kerosene/average-kerosene-prices The New York State Energy Research and Development Authority (NYSERDA) offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. To learn more about NYSERDA’s programs, visit https://nyserda.ny.gov or follow us on X, Facebook, YouTube, or Instagram.

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This statistic shows the change in the price of domestic heating oil per liter in selected countries for the period between June 2019 and June 2020. In June 2020, the domestic heating oil price in Germany was some 27.7 percent lower than in June 2019.

Domestic heating oil

The price of domestic heating oil per liter has decreased in many countries. In the United Kingdom, prices dropped by 24.8 percent, while in Canada, prices dropped by 25.5 percent. In the United States, winter heating oil prices increased from 2.06 U.S. dollars per gallon in 2015/2016 during the oil glut years, to 3.07 U.S. dollars per gallon in 2019/20. Domestic heating oil is used for the heating of domestic homes. It is a liquid petroleum product. It is often delivered to homes by a tank truck and stored in above-ground storage tanks. In the United States, this type of oil is known as No. 2 heating oil and prices are tracked by the Department of energy. However, in new single-family houses, use of heating oil in the U.S. is rather uncommon, accounting for less than 0.5 percent of the heating type share since 2013.

The heating oil market, while facing challenges, presents a robust investment opportunity. Driven by consistent demand in colder climates and a growing preference for reliable and efficient home heating solutions, the market exhibits a stable trajectory. Although the exact market size is not provided, a reasonable estimation considering similar markets and reported CAGRs (assuming a CAGR of 3-5% based on industry trends) would place the 2025 market value at approximately $5 billion USD, with projections suggesting continued growth through 2033. Key market drivers include the ongoing need for reliable home heating, particularly in regions with harsh winters, and the availability of advanced heating oil technologies that improve efficiency and reduce emissions. However, restraints such as environmental regulations promoting cleaner energy sources, fluctuating crude oil prices, and increasing competition from alternative heating solutions like natural gas and heat pumps, pose challenges to sustained rapid growth. Market segmentation is likely to include residential, commercial, and industrial sectors, each with its own unique growth drivers and challenges. The leading companies mentioned (Tevis Energy, Certas Energy, Crown Oil, etc.) are likely competing primarily on pricing, service quality, and efficient supply chain management. The forecast period of 2025-2033 will likely see a shift toward more sustainable heating oil practices and a greater focus on blending and the development of biofuels. Furthermore, regional variations will be significant; regions with colder climates and limited access to natural gas will continue to exhibit stronger demand than those with milder winters and readily available alternatives. Companies that effectively adapt to environmental regulations, enhance supply chain resilience, and invest in advanced technologies will be best positioned for success. A thorough understanding of the evolving regulatory landscape and consumer preferences will be critical for market players looking to secure a leading position. Strategic partnerships and mergers and acquisitions are anticipated in this dynamic market.

As of 2025, the average consumer price of light heating oil in Germany was around 95.84 euro cents per liter. Prices fluctuated during the specified time period and were noticeably higher in 2022. Like fuel prices, heating oil prices are important cost factors for consumers.

The average domestic heating oil price in Canada reached about 902 Canadian dollars per 1,000 liters in April 2020. Drops in prices over early 2020 is likely due to the coronavirus lockdowns. There are three types of middle distillate fuel oils that can be used for liquid-fuel-burning equipment without any preheating, and three other types that require preheating as they contain residual fuel components. There are both federal and provincial regulations that are applicable to heating oils in Canada, including the Canadian Environmental Protection Act.

Oil vs natural gas heating

Most houses in North America use a central furnace for space heating. In gas or oil fueled furnaces, the fuel is mixed with air and burned. However, most of Canada’s residential space heating is fueled by natural gas, especially as many new homeowners switch out oil heat furnaces in favor of natural gas equipment. Despite the common transition towards natural gas, heating oil tends to burn hotter than natural gas and thus, efficiently heats spaces in a much shorter time. Oil furnaces tend to last much longer than natural gas furnaces.

Rack Prices - Heating Fuel Prices by date

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

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.

Fuel dealers have exhibited revenue growth as sales have remained relatively stable and oil and natural gas prices have fluctuated favorably. The pandemic disrupted demand for fuel from commercial and industrial operations as they shuttered or operated at reduced capacity. Oil prices plummeted amid the suspension of most travel and revenue plunged in 2020. Oil consumption from consumers quarantined at home helped stave off more severe losses, but this boon was dampened as most states were getting warmer through the height of stay-at-home ordinances. The Russia-Ukraine war caused oil prices to surge since early in 2022, but revenue has begun to normalize as production catches up. Since 2023, crude oil prices have steadily dipped as supply and demand imbalances improve. Revenue for fuel dealers is expected to climb at a CAGR of 6.7% to $49.3 billion through the end of 2025, including growth of 0.9% in 2025 alone. The magnitude of this growth is amplified by the fact that revenue plummeted in 2020, causing revenue to begin the period below traditional levels. Rising fuel prices raise dealers' purchasing costs. The short-term inflexibility of demand for heating oil and propane allows dealers to pass most of these increases on to downstream customers through price hikes that also lift revenue. Dealers endure external competition from natural gas and electric heating companies, though, so prices are often under pressure to remain low enough to encourage oil-based heating. Fuel dealers can't pass on all their heightened costs and profit compresses when oil prices swell. Moving forward, volatility in oil prices will pressure fuel dealers. Sales of fuel will remain inflexible since all buildings fitted with propane and heating oil systems will continue to rely on dealers, but the industry is fighting to maintain its customer base as more and more buildings are refitted with natural gas heating units. Natural gas extraction has climbed, causing prices to drop after they exploded in 2022. Volatile crude prices will exacerbate this trend since consumers are incentivized to switch heating systems if input prices swell. Revenue is expected to slump at a CAGR of 0.1% to $49.0 billion through the end of 2030.