Just curious if there have been any studies or experiments on energy
used by a water tank set to high, compared to medium. I am just
trying to get a feel, if its worth keeping it at medium, to save on
the heating bill. If it's a matter of $50 more per year in heating,
that is not a big deal. I know that no one can tell me a dollar
about, for our place of living (Ontario Canada), but maybe a percent
savings would be useful information.

Insulating the tank, I doubt would help much. It already has
insulation inside, and it does not even feel warm to the touch of my
hand. Thanks.

p.s. we have Natural gas heated.