Current Heating Fuel Prices

The Governor's Energy Office (GEO) conducts a weekly survey of heating fuel prices during the heating season from the beginning of October to the end of March. During the rest of the year, the GEO releases a bi-weekly update.

Please Note: The price for the various heating fuels are statewide averages, and prices in a given geographic region of the state may be considerably higher or lower than this average. Also, the statewide average price for propane, like heating oil, is a spot price, not a pre-buy price. The spot price for propane is based on a use of at least 900 gallons a year. Households using propane just for cooking or hot water generally pay a higher per gallon price. The table listed in our weekly price survey provides current Maine cash prices in dollars rounded to the nearest penny.

The Energy Office has a calculator on its web site that allows consumers to obtain more detailed estimates of home heating costs, and the price impacts of various types of fuel, heating systems and heating appliances. Heating costs vary considerably from home to home. The home heating calculator can assist homeowners in finding the best heating option for their home, location, lifestyle, and budget. Home Heating Calculator

The Heating Season In Review - Heating Fuel Prices Remained Stable Despite Volatile Oil Prices and Fluctuating Heating Demand

May 10, 2019

Augusta, Maine – The Governor’s Energy Office (GEO) conducted its weekly heating fuel price survey on Monday, May 6, 2019, and found the current statewide average cash price for No. 2 heating oil was $2.84 per gallon, down several cents a gallon since mid-March.  The average statewide kerosene price has followed a similar trend, dropping several cents over the last few weeks, and now is $3.46 per gallon.  Propane prices have declined significantly more, dropping 16 cents to $2.73 a gallon (for heating customers).  The table below shows average monthly prices during the entire heating season, as well as average prices for both the 2017-18 and the 2018-19 heating seasons.  Overall, heating fuel prices were 6.3% to 12% higher this heating season than last.

Date	Maine Average Retail Heating Fuel Prices, per Gallon
	Heating Oil	Kerosene	Propane
October 2018	$2.98	$3.56	$2.84
November 2018	$3.01	$3.60	$2.89
December 2018	$2.95	$3.53	$2.89
January 2019	$2.89	$3.49	$2.87
February 2019	$2.90	$3.50	$2.88
March 2019	$2.90	$3.51	$2.89
April 2019	$2.86	$3.47	$2.80
Avg. 2018-19 heating season price*	$2.90	$3.53	$2.87
Avg. 2017-18 heating season price*	$2.59	$3.22	$2.70
Percent increase over 2017-18	12%	9.6%	6.3%

*heating season is October through March

As the chart above indicates, heating fuel prices remained relatively consistent throughout the heating season, despite fluctuating crude oil prices.  Oil prices spiked in September and early October and prices then declined 30-40% during November and December, partly due to an increase in U.S. production.  See graph below.

Since the end of December, OPEC (Organization of the Petroleum Exporting Countries) members have reduced their production; U.S. output has not kept pace with earlier forecasts, and Venezuela’s production declined more than expected[1]. Crude prices have subsequently risen, and are now in the $61 (WTI) to $70(Brent) range, higher than the $53 to $63 range observed in early January.

In addition, retail fuel prices are also impacted by weather – the colder it is, the higher the demand.  Heating Degree Days (HDD) are a measure of that heating demand.  The higher the HDD, the higher the demand for fuel, which also puts upward pressure on prices.  The heating season this year has been a bit of a roller coaster in terms of heating demand, reflected in the table below.  October and November of 2018 were significantly colder than the same months in 2017, as well as the 30-year normal[2] temperatures calculated by the National Oceanic and Atmospheric Administration (NOAA) for those months.  December 2018, in contrast, was warmer than both December 2017 and normal December temperatures. January & February 2019 were slightly warmer to slightly colder than the 30-year average, depending on location, but temperatures were much colder than last year (6-15%).  March was much colder as well.  Heating degree days indicate that Maine was 3-8% colder than average, and 6-13% colder than March 2018.

Overall, the season was 6-12% colder than last year (depending on location. 

Heating Degree Days (HDD), Selected Locations in Maine

Heating Season 2018-19

City	HDD	Deviation from 30 Year Normal[3]		Deviation from last year		Season Deviation from 30 year Normal		Season Deviation from last year
OCTOBER	Colder (3-13%) than a normal October; much colder (46-53%) than Oct. 2017
Augusta	594	90		317
Bangor	614	80		318
Caribou	775	84		358
Houlton	789	106		364
Portland	539	16		263
NOVEMBER	Colder (6-16%) than a normal November; 8-12.5% colder than Nov. 2017
Augusta	964	158		115
Bangor	973	134		122
Caribou	1113	74		90
Houlton	1106	99		121
Portland	883	93		87
DECEMBER	Avg. to slightly warmer than a normal December; 5-14% warmer than Dec. 2017
Augusta	1099	2		-111
Bangor	1142	10		-135
Caribou	1359	3		-70
Houlton	1311	-11		-77
Portland	991	-46		-140
JANUARY	Avg. to slightly warmer than normal January; 3% warmer to 4.5% colder than Jan. 2018
Augusta	1418		8		44
Bangor	1433		-25		12
Caribou	1688		-31		44
Houlton	1651		-13		76
Portland	1289		-57		-46
FEBRUARY	Warmer (4.7%) to slightly colder than normal February; 6%-15% colder than Feb. 2018
Augusta	1195		15		176
Bangor	1244	16		103
Caribou	1495	29		175
Houlton	1452	32		183
Portland	1090	-51		64

 

City	HDD		Deviation from 30 Year Normal	Deviation from last year
MARCH	3-8% colder than average March; 6-13% colder than March 2018
Augusta	1076	67			75
Bangor	1142	93			103
Caribou	1297	43			175
Houlton	1312	95			183
Portland	1020	35			64
HEATING SEASON TOTAL							Percent colder than Normal		Percent colder than last year
Augusta	6606	274			599		4%		10%
Bangor	6850	246			576		4%		9%
Caribou	8166	-13			809		0%		11%
Houlton	8135	199			887		3%		12%
Portland	6039	-153			355		-2%		6%

https://www.cpc.ncep.noaa.gov/products/analysismonitoring/cdus/degreedays/

Despite the colder temperatures and fluctuating crude oil markets, retail heating fuel prices were relatively stable.  However, with heating fuel prices 6-12% higher this year than last, most Mainers spent more of their budgets to stay warm this winter.

Below is a table of prices collected for various regions of the state. 

Maine Retail Heating Fuel Prices, as of May 6, 2019

Heating Oil	Statewide	Southwest	Central	Eastern	Western	Northern
Average	2.84	2.84	2.87	2.84	2.80	2.87
High	3.20	3.20	3.20	3.20	3.20	2.95
Low	2.60	2.60	2.68	2.65	2.65	2.75
Kerosene	3.46	3.52	3.46	3.42	3.40	3.44
Propane	2.73	2.93	2.64	2.65	2.78	2.46

Based on this week’s prices, Mainers can estimate the cost of heating by using the table below.  Prices between various heating fuels are listed, and these prices are converted to a common heating unit value (dollars per million Btu).  

Comparison of Heating Fuel Prices per Million Btu

(May 6, 2019)

Fuel Price (in dollars)	Fuel Price (dollars per million Btu)
Cord Wood ($275/cord)	$12.50
Wood Pellets ($268/ton)	$16.24
Natural Gas ($1.06-$2.05/therm)*	$10.60-$20.48
Heating Oil ($2.84/gallon)	$20.62
Kerosene ($3.46/gallon)	$25.63
Propane ($2.73/gallon)	$29.89
Electricity - baseboard (15.8-18.5 cents/kwh)*	$46.31-$54.22

*price varies depending on location; natural gas and electricity delivery companies

 service only selected areas of the state. 

Fuel prices are only part of the calculation when determining which fuel will save you more money over the course of a heating season. The type of heating system and its efficiency are also important factors in determining final costs.  For example, an energy efficient, cold climate heat pump uses electricity to provide heat, but does at a much lower cost than electric baseboard heating.  Below is an estimate of the cost of electricity when considering the heat pump’s efficiency.

Electricity - air source heat pump (5.85-6.85 cents/kwh)**

$17.15- $20.08 (per million Btu)

**ductless, air source heat pump calculations courtesy of Efficiency Maine

The Energy Office has a calculator on its website that allows consumers to explore these fuel options further, as well as compare efficiencies of heating systems most closely matching their own system. Heating costs vary considerably from home to home. The home-heating calculator can assist homeowners in finding the best heating option for their home, location, lifestyle and budget http://www.maine.gov/energy/index.html . Efficiency Maine also has a calculator on its website to help consumers evaluate their heating options http://www.efficiencymaine.com/at-home/home-energy-savings-program/heating-cost-comparison/ .

The price for heating oil is a statewide average; prices in a single geographic region of the state may be considerably higher or lower than this average. This week, within the Energy Office sample, the highest heating oil price found was $3.20, and the lowest heating oil price found was $2.60.  In addition, the statewide average price for propane is based on consumption of at least 900 gallons a year.  Households using propane just for cooking or hot water generally pay a higher per-gallon price. The table above provides current Maine cash prices in dollars rounded to the nearest penny.

[1] https://www.eia.gov/petroleum/weekly/archive/2019/190508/includes/analysisprint.php

[2] https://www.cpc.ncep.noaa.gov/products/analysismonitoring/cdus/degree_days/mctyhddy.txt

[3] ‘Normal’, means the average temperature over a thirty-year period.  This figure illustrates long term trends, as opposed to conclusions that may be drawn from a single year temperature aberration.

Download Release (PDF)

For Immediate Release

Contact:
Lisa Smith
(207) 557-4439
lisa.j.smith@maine.gov

View archived Heating Oil Prices