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Follow on Google News | Red Maple FX Broker Earl Sotelo Strong on Heating OilEarl Sotelo has made a strong case for the Heating Oil market and wants his clients to benefit from his insights.
By: Red Maple FX Heating oil is a low-viscosity refined byproduct of crude oil (as such, the price of heating oil is directly tied to WTI crude oil prices). It's primarily used as a fuel for furnaces and boilers to heat homes and other buildings. Much of the demand for heating oil occurs between October and March each year, especially in cold markets like the northeastern states in the U.S. Contract Specifications Ticker Symbol - HO (CME Globex) Contract Size - 42,000 gallons Contract Months - All months: F, G, H, J, K, M, N, Q, U, V, X, Z Trading Hours CME Globex: Sunday – Friday, 6:00 p.m. – 5:00 p.m. (there's an hour break from 5:00 to 6:00 p.m. each day) Last Trading Day - The last business day of the month preceding the delivery month Price Quote - U.S. dollars and cents per barrel Tick Size - $0.0001 per gallon ($4.20 per contract) Production Refineries produce heating oil in the distillate fuel category, which also includes diesel fuel. U.S. refineries support most of the U.S. demand for distillates; Price Drivers Since heating oil is a byproduct of crude, WTI crude oil prices affect heating oil prices. Other price drivers include: Cold weather (cold weather can trigger a spike in demand and therefore prices) Refining costs The price of alternative heating fuels Improvements in building energy efficiency and insulation Government regulations http://www.redmaplefx.com/ End
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