For the Quarter Ending March 2026
Furnace Oil Prices in North America
- In United States, the Furnace Oil Price Index rose quarter-over-quarter in Q1 2026, driven by surging feedstock costs.
- The Furnace Oil Production Cost Trend increased in March 2026 as the Producer Price Index rose 4.0%.
- Consumer Price Index inflation reached 3.3% in March 2026, reflecting elevated energy costs impacting Furnace Oil prices.
- The Furnace Oil Demand Outlook strengthened during March 2026, supported by a 0.7% increase in industrial production.
- Retail sales grew 4.0% in March 2026, sustaining maritime logistics and bunker demand for Furnace Oil.
- The Manufacturing Index expanded in March 2026, driving higher consumption of heavy fuels for industrial processes.
- An unemployment rate of 4.3% and a 91.8 consumer confidence index in March 2026 supported Furnace Oil consumption.
- The Furnace Oil Price Forecast remained elevated in March 2026 because domestic distillate fuel inventories tightened below norms.
Why did the price of Furnace Oil change in March 2026 in North America?
- Crude oil feedstock costs surged in March 2026 due to geopolitical conflicts and supply disruptions.
- Distillate fuel inventories tightened notably in March 2026, remaining consistently below historical seasonal industry norms.
- Traditional winter heating season patterns drove seasonal demand fluctuations for furnace oil in Q1 2026.
Furnace Oil Prices in APAC
- In China, the Furnace Oil Price Index rose quarter-over-quarter in Q1 2026, driven by surging crude oil feedstock costs.
- The Furnace Oil Production Cost Trend increased in March 2026 as the PPI grew by 0.5 percent.
- The Furnace Oil Demand Outlook strengthened in March 2026, supported by a 5.7 percent industrial production growth.
- In March 2026, a 1.0 percent CPI increase and 1.7 percent retail sales growth indicated subdued demand.
- The 5.4 percent unemployment rate in March 2026 and 91.6 consumer confidence in February 2026 dampened domestic freight.
- The Manufacturing Index expanded in March 2026, boosting industrial heating requirements and Furnace Oil consumption.
- Marine bunkering demand and bunker fuel sales for shipping strengthened significantly during February 2026 across the region.
- Crude oil feedstock import volumes surged and strategic inventories expanded substantially during the Jan-Feb 2026 period.
- The Furnace Oil Price Forecast indicated upward momentum in Q1 2026 as the Furnace Oil Price Index climbed.
Why did the price of Furnace Oil change in March 2026 in APAC?
- Producer prices for oil and gas extraction surged significantly in March 2026 across the region.
- Crude oil feedstock storage levels increased significantly in March 2026 across the entire APAC region.
- The Manufacturing Index expanded in March 2026, driving higher energy consumption for broad industrial activity.
Furnace Oil Prices in Europe
- In Germany, the Furnace Oil Price Index rose quarter-over-quarter in Q1 2026, driven by surging crude oil feedstock costs.
- The Furnace Oil Production Cost Trend surged in March 2026 as inflation reached 2.7%, elevating refining expenses.
- Producer prices declined 0.2% in March 2026, reflecting softer industrial energy requirements and weakened Furnace Oil Demand Outlook.
- The Manufacturing Index expanded in March 2026, driving factory utilization and supporting industrial Furnace Oil consumption.
- Stagnant 0.0% industrial production and modest 0.7% retail sales growth in February 2026 sustained baseline Furnace Oil usage.
- A 4.2% unemployment rate in February 2026 and a -24.7 consumer confidence index in March 2026 pressured markets.
- Tanker movements through the Strait of Hormuz choked off in March 2026, severely restricting crude oil availability.
- Germany released strategic oil reserves in March 2026, while the Furnace Oil Price Forecast reflected continued upward pressure.
Why did the price of Furnace Oil change in March 2026 in Europe?
- Crude oil feedstock costs surged in March 2026 amid severe Middle East energy infrastructure attacks.
- Global oil supply plummeted in March 2026, prompting refiners to declare widespread force majeure events.
- Global oil inventories fell significantly in March 2026 due to restricted Strait of Hormuz exports.
For the Quarter Ending December 2025
Furnace Oil Prices in North America
- In United States, the Furnace Oil Price Index fell quarter-over-quarter in Q4 2025, driven by declining crude oil feedstock costs.
- Crude oil feedstock costs trended downward throughout Q4 2025, easing production expenses.
- Industrial production increased 2.0% year-over-year in December 2025, indicating stronger energy demand.
- Retail sales rose 3.3% year-over-year in November 2025, indirectly stimulating Furnace Oil consumption.
- Fuel oil demand in power generation weakened in 2025 due to natural gas and solar substitution.
- The Producer Price Index (PPI) increased 3.0% year-over-year in November 2025, raising input costs.
- Global oil inventories rose quickly in the second half of 2025, contributing to market supply.
- Refined product markets faced tightness in November 2025 due to significant unplanned refinery outages.
- Consumer confidence registered 89.1 in December 2025, indicating moderate optimism for spending.
Why did the price of Furnace Oil change in December 2025 in North America?
- Crude oil feedstock costs trended downward throughout Q4 2025, reducing Furnace Oil production expenses.
- Industrial production increased 2.0% year-over-year in December 2025, supporting industrial energy demand.
- The Consumer Price Index (CPI) rose 2.7% year-over-year in December 2025, increasing operational costs for end-users.
Furnace Oil Prices in APAC
- In China, the Furnace Oil Price Index fell quarter-over-quarter in Q4 2025, influenced by declining crude oil prices.
- Furnace Oil production costs declined in the second half of 2025, as crude oil prices generally decreased.
- Demand for Furnace Oil faced headwinds in Q4 2025, with low CPI at 0.8% in December 2025.
- Industrial Production expanded by 5.2% in December 2025, providing some support to Furnace Oil demand.
- China's Manufacturing Index expanded in December 2025, indicating increased industrial activity.
- Crude oil inventories in China reached a record high in late December 2025, impacting supply dynamics.
- China's fuel oil imports increased in November 2025 from October, despite a yearly decline in 2025.
- The Furnace Oil Price Forecast suggests continued pressure from an emerging global oil surplus in Q1 2026.
- The assessed price of Furnace Oil for Q4 was at 42840 INR/MT.
Why did the price of Furnace Oil change in December 2025 in APAC?
- Crude oil prices generally declined in the second half of 2025, reducing feedstock costs.
- Weak consumer demand, with retail sales growing only 0.9% in December 2025, dampened overall industrial activity.
- Producer Price Index fell by 1.9% in December 2025, reflecting weak industrial demand and oversupply.
Furnace Oil Prices in Europe
- In Germany, the Furnace Oil Price Index fell in Q4 2025, influenced by weakening global crude oil prices.
- Furnace Oil production costs declined throughout Q4 2025, as global crude oil prices weakened.
- German heating oil demand strengthened in December 2025, driven by lower prices, after robust November.
- Industrial production increased by 0.8% in October 2025, supporting demand, despite 6.2% December unemployment.
- The Manufacturing Index contracted in November and December 2025, indicating reduced industrial activity.
- Global observed oil inventories surged in October 2025 and continued to increase in November.
- German manufacturing export sales declined significantly in November and December 2025.
- Producer prices declined by 2.5% in December 2025; consumer confidence at -17.5 indicated weak demand.
- Retail sales increased by 1.1% in November; CPI rose by 1.8% in December, indicating stable consumer spending.
- Refining margins in Europe declined significantly in December 2025, after peaking in early November.
Why did the price of Furnace Oil change in December 2025 in Europe?
- Global crude oil prices weakened throughout Q4 2025, reducing feedstock costs for Furnace Oil.
- Refining margins in Europe experienced a significant decline in December 2025, impacting production profitability.
- German heating oil demand strengthened in December 2025, driven by lower prices, influencing market dynamics.
For the Quarter Ending September 2025
North America
- In United States, Furnace Oil Price Index rose in Q3 2025, driven by strong demand and low inventories.
- Production costs influenced by weakening crude oil and strengthening natural gas prices in Q3 2025.
- Demand for Furnace Oil was supported by increased industrial activity and growing goods imports.
- U.S. distillate inventories remained low through Q3 2025 due to significant draws.
- Industrial Production increased marginally by 0.1% year-over-year in September 2025.
- Producer Price Index rose 2.6% year-over-year in August 2025, increasing input costs.
- Consumer Price Index increased 3.0% year-over-year in September 2025, raising operational costs.
- Retail sales increased 5.42% year-over-year in September 2025, supporting industrial output.
- Consumer confidence declined to 94.2 in September 2025, signaling potential demand moderation.
- Strong international distillate demand led to higher U.S. exports, pressuring domestic supply.
Why did the price of Furnace Oil change in September 2025 in North America?
- Distillate inventories remained low through Q3 2025, creating upward pressure on Furnace Oil prices.
- The Producer Price Index rose 2.6% in August 2025, increasing production costs for Furnace Oil.
- Strong distillate demand, driven by industrial activity, supported Furnace Oil price increases in Q3 2025.
APAC
- In China, Furnace Oil Price Index fell in Q3 2025, influenced by global oil surplus and contracting manufacturing activity.
- Demand outlook strengthened in Q3 2025, driven by increased manufacturing production and overall oil demand growth.
- Production costs were affected by fluctuating crude oil feedstock and strengthened refining margins in September 2025.
- Industrial production increased by 6.5% year-on-year in September 2025, providing bullish support for Furnace Oil demand.
- The Manufacturing Index contracted in September 2025, indicating reduced industrial activity and dampening Furnace Oil consumption.
- Weak consumer demand (CPI -0.3%) and industrial demand (PPI -2.3%) in September 2025 signaled economic slowdown.
- Unemployment at 5.2% and low consumer confidence in September 2025 indicated economic weakness.
- Crude oil inventories in China increased significantly in Q3 2025, contributing to a global oil surplus.
- Retail sales grew by 3.0% year-on-year in September 2025, indirectly supporting industrial activity and energy consumption.
Why did the price of Furnace Oil change in September 2025 in APAC?
- Global oil surplus in Q3 2025 pressured Furnace Oil prices.
- Weak industrial demand (PPI -2.3% in September 2025) reduced consumption.
- Contracting Manufacturing Index in September 2025 reduced factory output.
Europe
- In Germany, the Furnace Oil Price Index fell quarter-over-quarter in Q3 2025, influenced by lower producer prices and high inventories.
- Furnace Oil production costs decreased, with producer prices down 1.7% in September 2025 due to lower energy costs.
- Demand for Furnace Oil weakened as Germany's Manufacturing Index was contracting in Q3 2025.
- Industrial production in Germany declined 1.0% in September 2025, further dampening Furnace Oil demand.
- Global observed oil inventories surged to a four-year high in August 2025, indicating ample supply.
- Refining margins in Europe strengthened significantly in September 2025, reaching two-year highs.
- The consumer price index rose 2.4% year-over-year in September 2025, affecting overall input costs.
- European refinery runs, including Germany, were impacted by scheduled turnarounds in Q3 2025.
Why did the price of Furnace Oil change in September 2025 in Europe?
- Producer prices decreased 1.7% in September 2025 due to lower energy costs, reducing Furnace Oil expenses.
- Global oil inventories surged to a four-year high in August 2025, indicating ample supply.
- Germany's Manufacturing Index contracted in Q3 2025, with industrial production down 1.0%, weakening demand.
