Heating Oil rose to 2.37 USD/Gal on July 4, 2025, up 0.19% from the previous day. Over the past month, Heating Oil's price has risen 13.32%, but it is still 9.47% 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.

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.

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.

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.

Interactive chart showing the monthly closing price for No. 2 Heating Oil: New York Harbor since 1986. The prices shown are in U.S. dollars.

Graph and download economic data for No. 2 Heating Oil Prices: New York Harbor (DHOILNYH) from 1986-06-02 to 2025-06-30 about new york harbor, heating, New York, oil, commodities, and USA.

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.

Graph and download economic data for Producer Price Index by Commodity: Fuels and Related Products and Power: Home Heating Oil and Distillates (WPU057302) from Jan 1975 to May 2025 about heating, fuels, oil, commodities, housing, PPI, inflation, price index, indexes, price, and USA.

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 nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram.

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).

As of 2022, crude oil accounted for a 48 percent share of the price of one gallon of residential heating oil in the United States. By comparison, refinery costs accounted for 15 percent of the price of one gallon of residential heating oil.

The 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.

Comprehensive historical data and future forecasts for Fuel Oil prices in United States, crucial for market analysis and strategic planning.

Avg Retail Price: Heating Fuel: Prince Edward Island: Charlottetown & Summerside data was reported at 130.200 0.01 CAD/l in Mar 2025. This records a decrease from the previous number of 144.100 0.01 CAD/l for Feb 2025. Avg Retail Price: Heating Fuel: Prince Edward Island: Charlottetown & Summerside data is updated monthly, averaging 73.800 0.01 CAD/l from Jan 1990 (Median) to Mar 2025, with 423 observations. The data reached an all-time high of 214.300 0.01 CAD/l in Nov 2022 and a record low of 28.600 0.01 CAD/l in Apr 1999. Avg Retail Price: Heating Fuel: Prince Edward Island: Charlottetown & Summerside data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.P015: Fuel Oil Price at Self Service Filling Stations. [COVID-19-IMPACT]

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

Browse TOC and LoE with selected illustrations and example pages of Fuel Oil Market

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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

Households in Germany paid an average of 733.9 euros per thousand liters of heating oil in 2021. Between 2000 and 2021, heating oil prices in Germany fluctuated, peaking at 938.7 euros per thousand liters in 2012.

Residential heating in Germany

There are approximately 40 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, 35.5 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 1.3 million in 2020. This was an increase of more than half a million when compared to 2013.

Avg Retail Price: Heating Fuel: Newfoundland and Labrador: St. John's data was reported at 149.700 0.01 CAD/l in Mar 2025. This records a decrease from the previous number of 150.600 0.01 CAD/l for Feb 2025. Avg Retail Price: Heating Fuel: Newfoundland and Labrador: St. John's data is updated monthly, averaging 77.600 0.01 CAD/l from Jan 1990 (Median) to Mar 2025, with 423 observations. The data reached an all-time high of 235.000 0.01 CAD/l in May 2022 and a record low of 31.300 0.01 CAD/l in Dec 1998. Avg Retail Price: Heating Fuel: Newfoundland and Labrador: St. John's data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.P015: Fuel Oil Price at Self Service Filling Stations. [COVID-19-IMPACT]

Avg Retail Price: Heating Fuel: Quebec: Quebec data was reported at 190.500 0.01 CAD/l in Mar 2025. This records an increase from the previous number of 189.700 0.01 CAD/l for Feb 2025. Avg Retail Price: Heating Fuel: Quebec: Quebec data is updated monthly, averaging 79.700 0.01 CAD/l from Jan 1990 (Median) to Mar 2025, with 423 observations. The data reached an all-time high of 238.800 0.01 CAD/l in Nov 2022 and a record low of 35.100 0.01 CAD/l in Mar 1999. Avg Retail Price: Heating Fuel: Quebec: Quebec data remains active status in CEIC and is reported by Statistics Canada. The data is categorized under Global Database’s Canada – Table CA.P015: Fuel Oil Price at Self Service Filling Stations. [COVID-19-IMPACT]