Weekly Heating Oil Prices: Down 6 Cents

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This article was originally written by Jill Mislinski. Starting in January 2023, AP Charts pages will be maintained by Jennifer Nash at Advisor Perspectives/VettaFi.

I've used data from the Energy Information Administration (EIA), which publishes price data weekly on home heating oil in 21 states in the East Coast and Midwest regions and the District of Columbia as well as home propane prices for 38 states in the East Coast, Midwest, Gulf Coast, and Rocky Mountains regions. Unlike natural gas and electricity, home heating oil is provided by independent retailers.

The latest price of home heating oil nationwide dropped to its lowest price of the year at $4.07. The current price is down 6 cents from last week and down $1.05 compared to one year ago.

EIA's heating oil data is seasonal - from October through March. Here's a look at the series since its inception in 1990.

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The next chart shows a regional breakdown. Approximately 97.4% of the time, the East Coast region reports a more expensive monthly price. As you can see, it's extremely volatile.

Another figure the EIA tracks is the residential oil supply. The chart below shows the changes in residential heating oil supply since 1990. Up until around 2018, changes in supply levels were minimal. However, over the last few years, we have seen levels at or below 30,000 (thousand barrels), something we saw only once before during the week of January 17th, 2003. With that being said, during the last 3 months, the oil supply has maintained a level above 30,000 (thousand barrels).