US heating oil futures hovered around $2.56 per gallon, close to the over three-month low of $2.53 observed on April 18th, as supply increased and demand for distillate fuels fell. The latest EIA report showed that heating oil inventories surged by 1.073 million barrels on the week ending April 19th, the biggest increase in over two months. Similarly, distillate oil inventories increased by 1.614 million barrels, surpassing estimates of a 0.9 million barrel draw and marking a significant improvement from last week’s 2.7 million barrel draw. On the demand side, measured by distillate fuel oil products supplied, there was a decrease of 0.114 million barrels compared to the previous week, indicating reduced demand for heating oil.
Heating Oil increased 0.07 USD/GAL or 2.87% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. 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 April 26 of 2024.
Heating Oil increased 0.07 USD/GAL or 2.87% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil is expected to trade at 2.70 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 2.88 in 12 months time.