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Heating Oil (ULSD) price today: live

Snapshot · Coming soon

Heating Oil (ULSD, ultra-low sulfur diesel, 15ppm sulfur) trades on NYMEX. The same contract prices both Northeast US heating oil and US diesel fuel -- the same product. IMO 2020 shipping regulations (which banned high-sulfur marine fuel) made ULSD the global refinery priority product. The distillate crack spread (ULSD minus WTI) measures refinery margins on distillate production.

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1-month return
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Chart proxy: Heating oil prices closely track WTI crude on a barrel-equivalent basis. For the exact NYMEX HO contract, use the CME futures platform.

Price history

Heating Oil (ULSD) price chart

WTI Crude (heating oil proxy)USD/bbl
Full chart on TradingView →
Note: Heating oil prices closely track WTI crude on a barrel-equivalent basis. For the exact NYMEX HO contract, use the CME futures platform.
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Heating Oil (ULSD) E&P stocks

Major producers

Source: Yahoo Finance + SEC EDGARFull screener →
#CompanyCommodity revenuePrice24h %YTD1YGeography
01
XOM
Marathon Petroleum
Largest US refiner. Marathon refines ~2.9M bpd capacity across 13 refineries. Distillates (diesel + heating oil) typically ~40-45% of yield. MPLX midstream MLP handles distribution.
~88%
————USA
02
CVX
Valero Energy
Second-largest US refiner. 15 refineries. Distillates ~40% of refinery yields. Diamond Green Diesel (DGD) JV with Darling Ingredients is large renewable diesel capacity.
~92%
————USA · Canada · UK
03
COP
Phillips 66
Major integrated US refiner. Rodeo Renewable Energy Complex (SAF + renewable diesel). Lake Charles LA, Sweeny TX, Bayway NJ, Wood River IL among key distillate-producing refineries.
~62%
————USA · Europe
04
SHEL
PBF Energy
Pure-play refiner with strong Northeast US exposure (Delaware City, Paulsboro, Bayway). Northeast heating oil market is a core product for PBF given regional positioning.
~95%
————USA
05
TTE
HF Sinclair (NYSE:DINO)
Rocky Mountain and Southwest US refiner. Sinclair Oil integration (2022) added Wyoming, Colorado, Utah crude access and retail brand. Distillates ~45% of yield from mid-continent crude processing.
~88%
————USA (Rocky Mountain + Southwest)
06
XOM
ExxonMobil
World's largest publicly-traded refiner by capacity. Baytown TX (largest US refinery), Beaumont TX, Baton Rouge LA. Distillates are a major product across all ExxonMobil refinery operations.
~20%
————USA · Global
Reddit sentiment

Producer stock buzz

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Heating Oil (ULSD) ETFs

Top funds by AUM

Source: Yahoo Finance + ETF issuer pagesAll heating oil (ulsd) ETFs →
TickerFundStructureExpense ratioAUMYTD1Y
HAL
United States 12 Month Oil Fund
USCF
Futures0.85%———
XLE
Energy Select Sector SPDR
State Street
Miners0.09%———
XOP
SPDR S&P Oil & Gas E&P ETF
State Street
Miners0.35%———
CRAK
VanEck Oil Refiners ETF
VanEck
Miners0.59%———

How heating oil (ulsd) prices move

What’s moving this market

Structural fundamentals · Reviewed annually
Supply

US refinery distillate production and European diesel imports

US distillate production is roughly 5-5.5M bpd from domestic refineries. Europe is a major importer of US diesel (historically from Russia until 2022 sanctions). Post-sanctions, Europe restructured supply to US Gulf Coast, West Africa, and Middle East sources. EIA weekly distillate inventory (part of WPSR, Thursdays) is the primary near-term supply signal.

EIA Weekly Petroleum Status Report
Demand

Heating demand (HDD), trucking diesel, and marine fuel

Demand splits into: Northeast US heating oil (winter heating, driven by heating degree days), on-highway diesel (trucking, most volume), off-highway diesel (agriculture, construction, mining, rail), and marine fuel (post-IMO 2020, ships switched from HFO to VLSFO/MGO). The Thursday EIA storage report is the primary weekly catalyst. Cold winter forecasts are the most explosive short-term demand driver.

EIA · NOAA
Policy and macro

IMO 2020 was the structural shift; Russia diesel sanctions created the 2022-2023 tightness

IMO 2020 (January 1, 2020) required ships to switch from 3.5% high-sulfur fuel oil (HFO) to 0.5% very-low sulfur fuel oil (VLSFO) or 15ppm MGO (marine gas oil, essentially ULSD). This added ~1M bpd of distillate-equivalent demand structurally. Russia was a major European diesel supplier; EU sanctions in 2023 forced European refiners to source elsewhere, tightening the global distillate market significantly.

IEA · IMO · EIA

Key market data

Heating Oil (ULSD) fundamentals

Distillate Crack Spread
See live

ULSD minus WTI is the primary distillate refinery margin indicator. When diesel demand is strong (trucking peak, cold winter), the crack widens; when demand weakens, it narrows. ULSD crack typically runs $20-50/bbl in normal markets, wider in crises.

CME Group · EIA · Platts
Marine Fuel Demand (IMO 2020)
~1M bpd equivalent

IMO 2020 regulations (effective January 1, 2020) shifted marine bunkering from high-sulfur fuel oil (3.5% S) to VLSFO (0.5% S) or MGO (0.015% S). This added approximately 1M bpd of distillate-equivalent demand structurally to the global diesel market.

IEA Oil Market Report
US Refinery Utilization
~90-93%

US refinery utilization runs 90-93% during normal operations; peaks above 95% during high-demand periods. Unplanned refinery outages are a primary near-term supply shock driver for distillate markets.

EIA Weekly Petroleum Status Report
ULSD Specification
15 ppm sulfur max

ULSD (ultra-low sulfur diesel) is the US EPA standard since 2006: maximum 15 ppm sulfur for on-highway and non-road diesel. This is the NYMEX HO contract specification. Europe uses EN590 standard (10 ppm max). Both are priced off the same global distillate market.

EPA · NYMEX contract specs
US Distillate Inventory
EIA weekly

The EIA WPSR (weekly, Thursday 10:30 ET) reports US distillate stocks (total, including heating oil and diesel). Stocks below the 5-year average are bullish; above are bearish. Northeast heating oil stocks are watched separately in winter months.

EIA Weekly Petroleum Status Report
Price Volatility (90-day)
~35%

Elevated in 2026 due to Hormuz/Iran crude input cost disruptions. In normal conditions ULSD 90-day vol runs 25-33%. ULSD typically has slightly more volatility than crude due to thinner physical market depth.

Calculated · Daily
2026 price forecasts

Heating Oil (ULSD) price targets from 20 analysts

Aggregated 2026 price forecasts from major banks, research houses, and industry bodies. Range, median, and revision history — every forecast linked to its source.

Consensus range
View forecasts
See all forecasts

How to invest in heating oil (ulsd)

Ways to gain heating oil (ulsd) exposure

Full investing guide
ETFs

Heating Oil (ULSD) ETFs

The most accessible vehicle for retail investors. Trade like stocks, low expense ratios.

Equities

Heating Oil (ULSD) stocks

Mining and producer stocks offer 1.5-3x leverage to the underlying commodity but carry operational risk.

Futures

Heating Oil (ULSD) futures

COMEX / LME / NYMEX futures provide direct price exposure with leverage. Requires a futures-enabled brokerage account.

Frequently asked questions

Common questions, answered

The NYMEX heating oil (HO) contract shown is for ULSD (ultra-low sulfur diesel, 15 ppm sulfur maximum). The same physical product is sold as heating oil in the Northeast US and diesel fuel for trucks and equipment everywhere else. Prices are quoted in USD per gallon.