Heating Oil
Heating oil futures rose past the $3 per gallon mark, consolidating above an over 9-month low of $2.77 in December, boosted by robust demand and domestic inventories draw. The winter heating season, which typically runs through from October to the end of March, is expected to keep demand for the fuel used for diesel and home heating above average. Also, the latest EIA data showed that distillate stockpiles, which include diesel and heating oil, fell by 1.069 million in the week ending January 6th, much more than market forecasts of a 472 thousand decline and following a sharp 1.427 million draw in the previous period.
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 3.14 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 3.59 in 12 months time.
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