Heating Oil rose to 2.32 USD/Gal on August 21, 2025, up 1.97% from the previous day. Over the past month, Heating Oil's price has fallen 5.20%, but it is still 2.35% 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 August 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.

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.

Households in Germany paid an average of ***** euros per thousand liters of heating oil in 2021. Between 2000 and 2021, heating oil prices in Germany fluctuated, peaking at ***** euros per thousand liters in 2012.

Residential heating in Germany

There are approximately ** million households in Germany, with several heat sources available. As of 2020, heating oil represented a quarter of the household heating source in Germany. Although many of Germany’s homes are heated by oil, these systems can be decades old and are a major source of residential CO2 emissions. As a result, the German government has outlined plans to ban oil-fired heating systems by 2026. Natural gas is the most common household heat source in Germany, providing heat to half of Germany’s homes. Most of the energy consumed in residential buildings in Germany is from space heating, followed by water heating.

Heating in new homes in Germany

Due to the move away from heating oil, modern technologies are now used to heat new homes. In 2020, **** percent of new homes in Germany were heated by electric heat pumps. The number of heat pumps in operation in Germany has been increasing steadily in recent years, and totaled *** million in 2020. This was an increase of more than half a million when compared to 2013.

On August 18, 2025, the Brent crude oil price stood at 66.54 U.S. dollars per barrel, compared to 63.42 U.S. dollars for WTI oil and 68.21 U.S. dollars for the OPEC basket. Oil prices remained largely unchanged that week as economic expectations stayed low.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 (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.

Heating oil prices in Ireland increased to ***** euros per thousand liters in 2021. This was ** euros more than the previous year, but lower than households paid between 2005 and 2015.Heating oil prices across EuropeWhile Irish residents may be feeling the pinch of rising heating oil prices, prices there are far from the highest in Europe. Residents of the Netherlands could expect to pay ***** euros per thousand liters, while heating oil prices in Denmark were more than twice those in Ireland.Low carbon heating: moving beyond oilBurning fossil fuels is a carbon intensive mean of heating buildings, and some governments as well as lobby groups are looking for low carbon solutions for keeping warm during winter. The German Government, for example, has moved to ban the installation of new oil heaters as soon as 2026. The United Kingdom’s Renewable Heat Incentive (RHI) scheme has so far seen ***** oil burning units replaced with solar thermal systems and ***** oil burning units replaced with air source heat pumps.

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 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.

The average prices for heating oil in Belgium in euros per thousand liters were rather unstable from 2000 to 2021.In 2012, the price reached ***** euros per ************ liters, whereas the price fell to *** in 2020. Nonetheless, the average price for heating oil increased to *** euros per ************ liters in 2021.

As of 2021, the average price for heating oil in Finland was ***** euros per thousand liters. Over the period from 2000 to 2020, the average price for heating oil was volatile and it peaked in 2012 at ******* Euros per one thousand liters, but decreased again over the following years to ***** Euros per one thousand liters in 2016. From 2016 onwards, the average price of heating oil started to increase again.

Gas and petroleum wholesaling prices are tied to global crude oil prices, which can cause significant volatility for companies. Crude oil prices rose sharply prior to the start of the period amid rising global economic activity and increasing demand, which translated to strong revenue growth. In 2020, the world price of crude oil plunged as lockdowns and economic uncertainty reduced downstream demand for oil and gas products. However, large increases in oil prices during 2021 and 2022 contributed to solid industry revenue growth as the economy boomed. In response to high inflation and rising interest rates, a cooling economy is expected to have weakened revenue growth in recent years. Industry revenue is expected to grow at a CAGR of 4.5% to $257.2 billion through the end of 2024, with further growth of 1.1% forecast for the current year due to expected increases in oil prices. Wholesalers generate profit by purchasing crude oil from bulk stations and selling it to retail outlets. The price of retail gasoline and crude oil strongly influence profit. Retail gasoline prices are a function of domestic demand for fuel, which may differ from the global supply and demand. Profit tends to be very low for wholesalers in this industry. In 2020, profit fell sharply because of falling prices alongside poor overall economic activity. Through the end of 2024 industry profit, defined as earnings before interest and taxes, is expected to account for 1.7% of revenue. Revenue is expected to decline moderately as oil prices are expected to fall from recent highs. Expected growth in the overall domestic economy and more robust construction activity will likely ease this forecast decline in industry revenue. The anticipated expansion in domestic pipeline infrastructure is likely to bolster petroleum exports, benefiting downstream demand. However, wholesalers will also endure severe threats from technologies that accelerate the adoption of renewable energy, which may cause a considerable reduction in demand for gasoline and petroleum. Industry revenue is forecast to decline at a CAGR of 0.5% to $250.9 billion through the end of 2029.

Companies in the Canadian Gasoline and Petroleum Bulk Stations industry manage bulk storage tanks and terminals for crude oil and petroleum products such as gasoline, diesel fuel, fuel oil and liquid petroleum gases. These bulk stations are often located near major refineries, ports and industrial centres to quickly and efficiently receive product and unload it to customers. These stations play an important role in the supply chain of crude oil and petroleum products. Given that the industry serves as a conduit between petroleum refiners and markets further downstream, the industry's performance is intimately linked to the supply of and demand for petroleum and petroleum products.In recent years, industry revenue has been volatile due to significant shifts in the world price of crude oil due to uneven downstream demand. Industry revenue is expected to have grown at a CAGR of 6.7% to reach $266.7 billion in 2024, when industry revenue is expected to climb 0.9%. Much of this expected growth is the result of strong growth in oil prices in both 2021 and 2022, following 2020 lows caused by COVID-19 pandemic related restrictions driving down oil demand. Due to volatility in product prices and downstream demand, industry profit, defined as earnings before interest and taxes, is expected to have remained steady over five years, in spite of rising revenue.Over the coming years, the industry is forecast to see slight growth. Domestic oil production is forecast to rise, bolstering the volume of oil and petroleum products supplied by industry operators. As the domestic manufacturing, construction and transport sectors expand, domestic demand for industry products is expected to grow. Simultaneously, investment in distribution infrastructure, which has been insufficient to handle demand for oil, is forecast to benefit industry oil prices by diminishing the domestic supply glut. Overall, industry revenue is expected to grow at a CAGR of 0.1% to $267.9 billion in 2029.

As of July 2025, the average annual price of Brent crude oil stood at 71.79 U.S. dollars per barrel. This is over 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 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.

United States US: Fossil Fuel Support by Sector: Residential: USD: 2021 Price: Direct Transfer: End Use Electricity data was reported at 0.000 USD mn in 2021. This stayed constant from the previous number of 0.000 USD mn for 2020. United States US: Fossil Fuel Support by Sector: Residential: USD: 2021 Price: Direct Transfer: End Use Electricity data is updated yearly, averaging 0.308 USD mn from Sep 2010 (Median) to 2021, with 12 observations. The data reached an all-time high of 1.042 USD mn in 2013 and a record low of 0.000 USD mn in 2021. United States US: Fossil Fuel Support by Sector: Residential: USD: 2021 Price: Direct Transfer: End Use Electricity data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s United States – Table US.OECD.ESG: Environmental: Fossil Fuel Support by Sector: OECD Member: Annual.

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US Gasoline Market Size 2023-2027

The US gasoline market size is forecast to decrease by -258 mn L, at a CAGR of -4.18% between 2022 and 2027.

The Gasoline Market in the US is driven by the increasing number of automobiles and the rise in oil and gas production. These factors contribute to the market's growth, as the demand for gasoline continues to escalate. However, the market faces challenges due to the fluctuation in prices of gasoline. This volatility can significantly impact market dynamics, making it essential for companies to navigate these price swings effectively. The oil industry's production levels, geopolitical tensions, and economic conditions are key factors influencing gasoline prices.
To capitalize on market opportunities and mitigate challenges, companies must adopt strategic initiatives such as price differentiation, supply chain optimization, and innovation in fuel efficiency technologies. By staying agile and responsive to market trends and price fluctuations, market participants can effectively position themselves for long-term success in the Gasoline Market.

What will be the size of the US Gasoline Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2017-2021 and forecasts 2023-2027 - in the full report.
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The gasoline market in the US is influenced by various factors, including the composition of gasoline, energy policy impact, fuel additives chemistry, and fuel demand forecasting. The refining process of crude oil plays a significant role in producing high-quality gasoline that meets consumer preferences and regulatory requirements. Gasoline pricing models are shaped by the cost of crude oil, production process, and fuel market analysis. Fuel blending technology and gasoline quality assurance are crucial in optimizing engine performance and reducing emissions. Innovations in engine performance optimization and emissions reduction technologies continue to shape the gasoline industry. Fuel efficiency optimization and fuel policy analysis are essential in assessing the environmental impact of gasoline use.
The future of gasoline involves research into fuel alternatives, such as renewable fuels, and the development of new testing methods for fuel quality assessment. The use of fuel additives and their chemistry plays a vital role in enhancing fuel performance and reducing emissions. The gasoline industry remains dynamic, with ongoing efforts to improve fuel production processes and respond to changing consumer preferences and regulatory requirements.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD mn L' for the period 2023-2027, as well as historical data from 2017-2021 for the following segments.

Type

  Regular
  Premium


End-user

  Transportation
  Power generation
  Others


Geography

  North America

    US

By Type Insights

The regular segment is estimated to witness significant growth during the forecast period.

The US gasoline market is a significant sector within the global energy industry, shaped by various factors including consumer behavior, climate change, and technological advancements. Regular gasoline, a hydrocarbon mixture derived from crude oil, is the most commonly used fuel for standard internal combustion engines. It typically contains around 10% ethanol for octane enhancement, with an octane rating of 87 or 88. Higher-performance engines may require higher-octane fuels to prevent engine damage from knocking or pinging. The petroleum industry's refining process produces regular gasoline, which is distributed through an extensive pipeline infrastructure to retailers. Gasoline retailing involves marketing and selling the fuel to consumers, with prices influenced by factors such as crude oil prices, taxes, and regional variations.

Government regulations play a crucial role in the gasoline market, with emissions standards and fuel efficiency requirements driving innovation in fuel technology. Alternative fuels, such as ethanol blends, renewable fuels, and electric vehicles, are gaining popularity due to their environmental benefits and potential to reduce carbon emissions. Fuel efficiency standards, such as Corporate Average Fuel Economy (CAFE) regulations, have led to advancements in engine performance and fuel economy. Fuel additives, including biofuel additives and octane enhancers, are used to improve fuel quality and performance. Geopolitical influences and fuel volatility can impact the gasoline market, with supply chain disruptions and price fluctuations affecting both domestic and international markets.

The energy sector's transition towards sustainable fuels and decarbonization is also shaping the future of the gasoline market. Regular gasoline remains widely available and a

Several sectors in China, including the energy, machinery manufacturing, electricity, chemicals and metallurgy sectors, have gradually reached overcapacity in recent years. As a result, demand for crude oil and finished oils, including heating oil and diesel fuel, has fluctuated over the past five years. At the same time, with the improvement of refining capacity, China's domestic refined oil market has gradually oversupply. Crude oil price was largely increase from 2021 to 2023. Industry revenue is expected to increase at an annualized 0.3% over the five years through 2024, to an estimated $717.6 billion. This trend includes a decline of 6.4% in the current year. State-owned enterprises control petroleum resources, and the majority of factories that process crude oil and produce petroleum products. China Petrochemical Corporation and China National Petroleum Corporation, which have combined revenue that accounts for over 60% of industry revenue, dominate the industry. Domestic crude oil output is expected to total 795.6 million tons in 2024, over 80% of which was generated by the two largest major players. Firms are initiating many new refining projects and continuing to expand existing projects. Industry firms have adopted new technology to further improve processing capacity, particularly in terms of high-sulfur crude oil processing. Industry revenue growth is projected to slow in line with the China's economic growth over the next five years through 2029. Revenue is forecast to grow at an annualized 3.6% over the five years through 2029, to $857.3 billion.

The size of the Saudi Arabia Refined Petroleum Products Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 3.00% during the forecast period. The refined products market remains an important part of Saudi Arabia's strong oil industry, one of the largest in the world. Being one of the largest producers and exporters of crude oil, Saudi Arabia has long held a strong refining capacity mainly in the hands of its state-owned oil giant, Saudi Aramco. The market involves fuels such as gasoline, diesel, jet fuel, as well as petrochemicals, which are both sold domestically and internationally. Traditionally, the domestic market has enjoyed subsidies that place fuel prices at very high consumption levels. However, current economic reforms aimed at reducing subsidies coupled with the diversification of the economy under Vision 2030 change consumption patterns. This calls for more efficient use of energy and alternative fuels to get consumptions kick-started. Additionally, the government in Saudi Arabia is investing money to expand refining capacity, and to upgrade its existing refining facilities to produce higher-value products, as well as to meet tighter environmental standards. The thrust for petrochemical production is also aligned with the global trend as the country seeks to make optimum use of its hydrocarbon resources for economic diversification. With global refinement of petroleum products especially in perspective with the pursuit of sustainability and lower carbon emissions, the facing dynamics in the refined petroleum products market in Saudi Arabia would change significantly. What would arise is an equal balance between the traditional strengths and the need for innovation and diversification. Recent developments include: June 2022: Saudi Aramco announced plans to review domestic prices of liquid petroleum gas (gas cylinders) and kerosene annually. The local prices are evaluated per the governance procedures for adjusting the prices of energy and water products., February 2022: Saudi Arabia's shipments of refined products increased by 32% in 2021, compared with the previous year, as the country exported more diesel and fuel oil. Diesel and fuel oil were the main products that drove exports higher, with 1.34 million daily barrels being shipped., October 2021: Saudi Arabia consumed more gasoline and less diesel in the first eight months of 2021 than last year. The average demand for motor and aviation gasoline in Saudi Arabia jumped to 470 thousand barrels per day (kbd) in August 2021, compared to 432 kbd for the previous year.. Key drivers for this market are: 4., Increasing Automotive Sales in Saudi Arabia4.; Rising Demand from Heavy Automotives. Potential restraints include: 4., Rising Emphasis on Electric Vehicles. Notable trends are: Increasing Refined Petroleum Products Consumption to Drive the Market.

The size of the United States Refined Petroleum Products Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 4.50% during the forecast period. The highly developed markets of refined petroleum products in the United States incorporate a wide range of products, ranging from gasoline to diesel, jet fuel, and heating oil. It happens to be the biggest consumer of refined petroleum products, not only consuming quite large quantities but also refines a significant amount of it within its territory, making it self-sufficient in meeting not only domestic needs but also overseas supplies. U.S. overall market developments due to the shale oil boom have increased crude oil production considerably and changed the nature of energy supply. Considering this scenario, U.S. refineries have been able to produce refined products at higher capacities than ever before, and the U.S. has emerged as a major exporter of refined petroleum products, primarily to Latin America and Europe, by taking advantage of favorable trade conditions and a consistently high global demand. However, the market is also being affected in terms of crude oil price fluctuations and environmental regulations, among other critical issues. Gradually, the basic need for cleaner fuels is turning imperative, and this has called for investment options in alternative sources such as biofuels and electric vehicle infrastructure. After all these facts, the refined petroleum products market of the U.S. is still relatively strong in consideration of changing consumer demand patterns and regulatory needs, yet it is as important within the U.S. and to the global energy markets. The sector is likely to change with stronger sustainability considerations over time and seek new ways forward to fulfill the future energy requirements. Recent developments include: July 2021: Contango Oil & Gas agreed to acquire low-decline, conventional gas assets in the Wind River Basin of Wyoming, United States, from ConocoPhillips in a USD 67 million cash deal.. Key drivers for this market are: 4., Growing Demand for Renewable Energy4.; Upcoming Investments in the Energy Sector and Supportive Renewable Energy Policies. Potential restraints include: 4., High Initial Investment Cost and Long Investment Return Period on Projects. Notable trends are: Aviation Fuel Usage to Grow Significantly.