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Energy Products
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Heating Oil Financial
Heating Oil (Financial) futures are an outright heating oil contract between a buyer and a seller. The contract:
- Is based on what is also known as No. 2 fuel oil, which accounts for about one-quarter of the yield of a barrel of crude, the second largest "cut" after gasoline
- Is used to hedge diesel fuel and jet fuel, both of which trade in the cash market at an often stable premium to heating oil futures
Things to know:
- Traded via open outcry and through off-exchange transactions for clearing only
- Financially settled, based on the New York Harbor heating oil (HO) futures first nearby contract settlement price on the penultimate trading day for the delivery month
- Trading at settlement is available for the front two months and is subject to the existing TAS rules of the underlying respective physical products
