The US wholesale heating oil price (NYMEX futures) stands at $4.5010 per gallon, down 0.86% over the past month as the distillate complex eased slightly even while Brent rose 6.2%. The benchmark fell 3.04% in the latest session, and with crude oil still elevated — WTI at $91.11 against a 2025 average of $68.66 — heating oil remains well above pre-2026 levels.
Current Heating Oil Price
| Benchmark | Price | Unit | Change (Month) | As of |
|---|---|---|---|---|
| NYMEX Heating Oil (futures) | $4.5010 | per US gallon | -0.86% | 4 October 2026 |
US wholesale data sourced from OilPrice.com (NYMEX heating oil futures). The month-on-month change compares with the 6 September 2026 update ($4.5400); the latest-session move was -$0.141 per gallon.
Heating Oil Price History
NYMEX heating oil futures climbed sharply through 2026, tracking the broader crude complex through the year’s Middle East-driven volatility; the past month marks a pause, with the benchmark 0.86% below early September’s $4.5400. The same NYMEX figure underpins OGSN’s diesel price page as its ULSD proxy.
What Is Driving Heating Oil Prices
Heating oil is a middle distillate refined from crude oil, competing directly with diesel and jet fuel for the same barrel — when refinery distillate supply tightens, all three products tend to rise together. The benchmark’s level tracks the broader crude complex, which remains elevated on Middle East supply disruption tied to the Strait of Hormuz standoff and continued freight cost pressure affecting Russian crude exports.
Seasonally, October marks the start of the October-to-March heating season in the Northern Hemisphere, when residential demand begins to rebuild from its summer trough. A 0.86% monthly dip and a 3.04% one-day fall at the start of that season show the wholesale benchmark is still being set more by crude feedstock cost and refining constraints than by heating-season demand. For US weekly inventory and retail data, see the U.S. Energy Information Administration.
Refinery configuration also matters: when jet fuel crack spreads are elevated, refiners have an incentive to maximise kerosene-type distillate yield generally, which can support heating oil supply even as it competes with aviation fuel for the same processing streams.
Heating Oil Storage Economics
Heating oil storage economics carry the strongest seasonal pattern of any petroleum product. Summer-to-winter price swings of 20-40% in normal years, and significantly more during supply-disrupted years like 2026, create a direct financial incentive for operators with above-ground distillate storage capacity to inject in summer and withdraw in winter. Tank terminal operators in the US Northeast and Northern Europe with distillate-capable storage tanks capture this seasonal carry margin annually; OGSN’s tank terminal lease rates guide covers what operators pay for that capacity.
For refinery-connected terminal operators, elevated crack spreads across the distillate complex through 2026 have increased the commercial value of strategically located storage capacity, as buyers seek to secure physical supply and build precautionary inventory against further disruption.
Heating Oil Price in Currency
The table below converts the current NYMEX heating oil price ($4.5010/gallon, $1.1890/litre) into major trading currencies at 4 October 2026 exchange rates.
| Currency | Price per Litre | Price per Gallon | Exchange Rate Used |
|---|---|---|---|
| US Dollar (USD) | $1.1890 | $4.5010 | Benchmark |
| Euro (EUR) | €1.056 | €3.998 | 1 USD = 0.88821 EUR |
| British Pound (GBP) | £0.898 | £3.399 | 1 USD = 0.75514 GBP |
| Japanese Yen (JPY) | ¥187.70 | ¥710.53 | 1 USD = 157.86 JPY |
| Chinese Yuan (CNY) | ¥7.97 | ¥30.19 | 1 USD = 6.7063 CNY |
| Indian Rupee (INR) | ₹114.42 | ₹433.14 | 1 USD = 96.232 INR |
Exchange rates are mid-market rates as at 4 October 2026. Figures rounded to two/three decimal places as appropriate. Wholesale price converted at 3.78541 litres per US gallon.
Heating Oil Price Per Gallon, Litre, Barrel and Tonne
| Unit | Price | Notes |
|---|---|---|
| Per US gallon (benchmark) | $4.5010 | NYMEX wholesale futures |
| Per litre | $1.1890 | $4.5010 ÷ 3.78541 litres per gallon |
| Per Imperial gallon | $5.405 | US gallon × 1.20095 UK gallon conversion |
| Per barrel | $189.04 | $4.5010 × 42 gallons per barrel |
| Per metric tonne | ~$1,406.63 | Based on heating oil density ~0.845 kg/litre; approx 1,183 litres/tonne |
Heating Oil Price Outlook
Near-term, heating oil is likely to keep tracking the broader crude and distillate complex, which remains sensitive to the Strait of Hormuz standoff and Russian export logistics. With the October-to-March heating season now beginning, the seasonal demand trough is behind the market, and it starts from a materially higher base than pre-2026 norms.
Medium-term, the standard seasonal pattern, prices firming through the heating season, should still apply, but from that higher base given sustained crude strength and refining margin pressure. Structural factors including refinery infrastructure disruption from the ongoing conflict and continued strong jet fuel demand competing for the same distillate barrel are likely to keep heating oil from returning to pre-2026 lows even if the current crude rally eases.
For tank terminal operators, the seasonal carry trade rewards summer injection, but this year’s injection window closed with prices holding near $4.50 a gallon, so the question as winter withdrawals begin is how much carry margin remains available.
What is the current heating oil price?
The heating oil price fluctuates daily based on crude oil costs, distillate refining margins, and seasonal demand patterns. NYMEX heating oil futures provide the primary US wholesale benchmark. This page is updated monthly with the latest available data from the EIA and NYMEX. For real-time prices, refer to CME Group or the EIA directly. Note that EIA residential heating oil prices are only collected October through March during the heating season.
What is driving heating oil prices?
Heating oil prices are driven by crude oil feedstock costs, refinery distillate production, seasonal heating demand, and geopolitical events affecting global kerosene supply. Heating oil competes with jet fuel and diesel for the same distillate barrel from crude oil refining — when refinery supply tightens, all three products rise simultaneously. Winter weather severity in the US Northeast and Northern Europe is the primary seasonal demand driver.
When is the best time to buy heating oil?
Summer months — typically May through September — represent the seasonal low point for heating oil prices in the Northern Hemisphere, as residential demand collapses during warmer months. Consumers and distributors with storage capacity typically purchase and store heating oil during this window to avoid winter peak pricing. This seasonal carry trade is also exploited commercially by tank terminal operators with distillate storage capacity.
How does the heating oil price affect tank terminal storage demand?
Heating oil storage economics are driven by the strongest seasonal pattern of any petroleum product. Summer-to-winter price swings of 20–40% in normal years — and significantly more during supply-disrupted years — create a direct financial incentive for operators with above-ground distillate storage capacity to inject in summer and withdraw in winter. Tank terminal operators in the US Northeast, UK, and Northern Europe with distillate-capable storage tanks capture this seasonal carry margin annually.
What is the heating oil price in different currencies?
Heating oil is priced in US dollars per gallon at the NYMEX wholesale level globally. UK retail prices are quoted in pence per litre; EU retail prices in euros per litre. This page includes a currency conversion table covering EUR, GBP, JPY, AED, CNY, and INR, updated monthly from mid-market exchange rates.
What is the heating oil price per litre and metric tonne?
Heating oil is most commonly quoted per US gallon on NYMEX and per litre at UK and European retail level. This page includes a unit conversion table covering US gallon, litre, Imperial gallon, barrel, and metric tonne — all calculated from the current NYMEX benchmark price.
How current is the price data on this page?
Wholesale price data on this page is updated monthly from the EIA and NYMEX. UK retail prices reflect daily tracker data from Your NRG and BoilerJuice. Note that EIA residential heating oil and propane prices are only published weekly during the heating season (October through March) — wholesale spot prices are used as the reference outside this window.