Heating Oil Market Overview - Heating oil season officially starts with furnace activation, weather significantly impacts energy expenses [1] - Cold snaps or major storms cause demand spikes, driving up wholesale energy prices [1] Pricing Factors - Crude oil constitutes approximately 41% of heating oil cost, refining 24%, distribution and marketing 19%, and taxes 16% [2] - New York USD futures benchmark averaged 2.2876% per gallon in October, serving as a key indicator [2] Future Outlook - December and January futures show lower prices, suggesting potential relief [3] - US EIA forecasts heating oil users are projected to pay less for the upcoming season [3] - Market conditions like cold snaps, crude oil price movements, or supply disruptions can quickly shift the forecast [3]