Heating oil futures traded above $4 per gallon, remaining close to record levels, as strong demand has been derailing stockpiles. US distillate fuel stocks are close to 2008 levels, similarly to EU inventories, as global refining capacity struggled to meet the post-pandemic boom. Meanwhile, EU leaders reached an agreement to ban 90% of Russian crude by the end of 2022, but some concessions were made to exempt pipeline derivatives and several nations will get extensions or exemptions to the ban. Historically, Heating oil reached an all time high of 5.86 in April of 2022. Heating oil, also known as No. 2 fuel oil, accounts for about 25% of the yield of a barrel of crude, the second largest “cut” after gasoline. The heating oil futures contract trades in units of 42,000 gallons (1,000 barrels) and is based on delivery in New York harbor, the principal cash market trading center. The heating oil futures contract is also used to hedge diesel fuel and jet fuel, both of which trade in the cash market at an often stable premium to NYMEX Division New York harbor heating oil futures. The Heating Oil market prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.Please Add a comment before the calling of Heating oil, we will inform your mail address to the owner of the fish. They will reach to you from email or your phone.