When Is the Best Time to Buy Heating Oil?

If you heat your home with oil, you already know that prices can swing significantly throughout the year. A well-timed purchase can save you hundreds of dollars — but timing it poorly can cost you just as much.

Here's what years of pricing data tell us about when to fill your tank in the Northeast.

The Short Answer: Late Spring to Early Fall

Heating oil prices in the Northeast tend to be lowest between May and September. Demand drops after winter, refiners shift to summer fuel production, and dealers are more willing to compete for business during their slow season.

The peak — and most expensive time to buy — is typically December through February, when demand is highest and cold snaps can cause sudden price spikes.

Monthly Pricing Patterns

While every year is different, here's the general pattern across the Northeast states:

• January–February: Peak demand, highest prices. Cold snaps cause spikes. Avoid large fills unless your tank is empty.
• March–April: Prices start easing as temperatures rise. A decent time to top off if you're running low.
• May–June: Demand drops sharply. Dealers begin offering summer fill specials. One of the best times to buy.
• July–August: Historically the cheapest months. Lock in your annual contract or fill your tank completely.
• September–October: Prices start creeping up as dealers prepare for heating season. Still reasonable, but rising.
• November–December: Heating season begins. Prices climb with demand. Order early if possible.

What Else Affects Prices?

Seasonal timing matters, but it's not the only factor. Crude oil prices (driven by global supply and geopolitics), refining capacity, regional supply levels, and even local competition between dealers all play a role.

That's why comparing prices from multiple dealers — regardless of the time of year — is one of the most effective ways to save money. Two dealers in the same ZIP code can differ by $0.50/gallon or more on any given day.

Three Strategies to Save

1. Buy in summer: Fill your tank in July or August when prices are at their seasonal low.
2. Compare every time: Don't assume your current dealer is cheapest. Check prices from multiple dealers before each fill.
3. Consider an annual contract: If you use 800+ gallons per year, locking in a fixed price with a dealer can protect you from winter spikes.

Should You Lock In an Annual Price?

Annual contracts offer price protection — you pay a fixed rate per gallon for the entire heating season, regardless of market swings. This is great for budgeting and can save you money if prices spike during a cold winter.

The trade-off: if prices drop, you're locked in at the higher rate. For most homeowners using 800+ gallons per year, the predictability is worth it.

Learn more about annual contracts →

Bottom Line

The best time to buy heating oil is when prices are low and you have options. Summer months give you both. But no matter when you buy, comparing prices from multiple dealers is the single biggest thing you can do to avoid overpaying.