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…

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.

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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.

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

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).

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

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.

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

The average price of light heating oil fluctuated in the timeline displayed, with a particularly significant price jump recorded in March 2022. As of August 2025, the average consumer price (incl. VAT) for a liter of light heating oil was around 90.88 euro cents.

Brent fell to 63.05 USD/Bbl on December 2, 2025, down 0.19% from the previous day. Over the past month, Brent's price has fallen 2.84%, and is down 14.36% 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 December of 2025.

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.

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

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.

Estimate of energy prices for heating fuels for the 2025/26 Winter Heating Season

The Fuel Retailers industry in Mexico includes companies that sell fuels, such as gasoline and diesel, diaphanous oil, charcoal and firewood, liquid petroleum gas and natural gas to a variety of downstream residential and commercial clients. The majority of industry revenue is derived from the sale of propane, which accounts for nearly half industry revenue in 2019. The sale of heating oil is also important to the success of the industry, comprising nearly one-third of all revenue in 2019. During the current five-year period, the industry has declined considerably on account of low energy prices. Typically, industry revenue tends to follow movements in the price of crude oil and natural gas, which determine the selling price of fuels. The world price of crude oil is projected to decline at an annualized rate of 7.0% over the five years to 2019, while the world price of natural gas is expected to fall an annualized 9.7% during the same period. Consequently, industry revenue is expected to contract at an annualized rate of 3.0% over the five years to 2019. In 2019 alone, industry revenue is expected to fall an additional 0.5% to MXN$557.2 billion. As a result, the overall industry landscape has stagnated. IBISWorld projects that the total number of companies operating in the industry will rise at an annualized rate of 0.3% to 11,486 enterprises over the five years to 2019. During the same period, total wages are expected to decline at an annualized rate of 3.1% to $MXN12.1 billion.