Heating oil
HO · NYMEX · futuresHO follows a defined distillate contract
The HO futures symbol is commonly associated with heating oil, but the traded NYMEX contract follows ultra-low-sulphur diesel specifications. Its price is quoted in USD per gallon.
The contract’s specification and delivery terms matter more than the abbreviated everyday label. It is not a universal local price for every type of heating fuel or road diesel.
Refineries and distillate demand
Transport, industry and heating demand influence consumption. Refinery capacity, maintenance and stocks affect supply. Weather can matter differently for heating use than for freight activity.
Higher WTI prices increase an important input cost, but the product price also reflects refining conditions and the availability of distillates. Their price difference changes with the market.
Interpreting HO history
Seasonal pressure can affect nearby delivery months differently from later contracts. Rolling the continuous series can change the plotted level. Volume is measured in contracts. RBOB gasoline offers another refinery product and natural gas another energy use. Exxon Mobil combines production and processing economics in a company rather than a single fuel contract.
Updated