What is the price of fuel oil today

Daily wholesale and retail prices for various energy products are shown below, including spot prices and select futures prices at national or regional levels. Prices are updated each weekday (excluding federal holidays), typically between 7:30 and 8:30 a.m. This page is meant to provide a snapshot of selected daily prices only. Prices are republished by EIA with permission as follows: Wholesale Spot Petroleum Prices from Refinitiv, Retail Petroleum Prices from AAA Fuel Gauge Report, Prompt-Month Energy Futures from CME Group, and Select Spot Prices from SNL Energy.

Heating oil futures were trading around $3.2 per gallon, down from their December peak of nearly $3.4, as rising inventories pointed to some slowing demand as the economy cools. The latest EIA data showed that distillate stockpiles, which include diesel and related products like jet fuel, rose by 282 thousand barrels in the week ended December 22nd. Still, remain more than 30% above last year's level on prospects of solid demand. The winter heating season, which typically runs from October through the end of March, is expected to keep demand for the fuel used for diesel and home heating above average.

Historically, Heating oil reached an all time high of 5.86 in April of 2022. Heating oil - data, forecasts, historical chart - was last updated on January of 2023.

Heating oil is expected to trade at 3.44 USD/GAL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3.93 in 12 months time.

The following graphs present commodity future prices over the periods of the last week, last three months and last year. All changes are measured in US Dollars and reflect daily closing prices for the forward month futures.

The price of oil is the most important value on international commodity markets since crude oil is the most important commodity. Emerging industrial markets such as China, India and Latin America greatly influence the price of oil, since they require more and more oil to support their economic growth and resulting rise in energy consumption. The supply of crude oil is limited, however, and cannot be increased further, since it has become increasingly difficult to find and develop new oil reserves in recent years. As a result, the price of oil has a strong influence on international economic development, since it is urgently needed in all industrialized countries when supplies are limited. (read more)

Crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development. There are different types of crude oil. The most important type of crude oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. From there, the crude oil is transported by tanker.

Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Crude oil is also used in cosmetics and medicines. Because the supply of crude oil is limited but demand is constantly growing, the price of oil is also continuously rising. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 percent.

Because the crude oil industry has developed hardly at all in recent years due to a lack of investment capital for discovery, extraction and further processing, global production can barely meet the high demand for crude oil from countries such as the USA, China or India. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and will rise further.

On an international level there are a number of different types of crude oil, each of which have different properties and prices. The different types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. These are standardized products used to determine the prices for all other types. The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals.

The most important trading venue for European Brent Crude Oil is the International Petroleum Exchange in London.

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