US heating oil futures rose above $4.50 per gallon, trimming its recent decline, as traders weighed conflicting signals on the outlook for US-Iran relations. Reports of a US strike on Iran’s Qeshm Island raised fresh uncertainty over the prospects for a resolution, contrasting with recent diplomatic efforts, including talks between Iranian and Qatari officials. Meanwhile, supply concerns showed signs of easing as Europe plans to release 42 million barrels from strategic reserves over three months, half of which will be diesel. Additional Chinese export quotas and higher output elsewhere could also boost supplies, while a temporary US Treasury authorization for certain transactions involving Russian diesel may pave the way for increased shipments to the US and global markets. Still, supply conditions remain tight, with US heating oil inventories standing 10% below their five-year seasonal average as of October 23, underscoring lingering market constraints.
Heating Oil fell to 4.52 USD/Gal on November 4, 2026, down 0.13% from the previous day. Over the past month, Heating Oil’s price has fallen 0.45%, but it is still 86.01% higher than a year ago, 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 November 4 of 2026.
Heating Oil fell to 4.52 USD/Gal on November 4, 2026, down 0.13% from the previous day. Over the past month, Heating Oil’s price has fallen 0.45%, but it is still 86.01% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Heating oil is expected to trade at 4.83 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 5.63 in 12 months time.
