U.S. heating oil prices were 65% higher this October than they were in October of last year, according to our Heating Oil and Propane Update (HOPU). The winter heating season runs from October 1 through the end of March. Residential heating oil prices rose to an annual high of $5.90 per gallon (gal) on November 7, 2022, because of tight inventories, low imports, and limited production capacity. Prices fell to $5.79/gal on November 14.
