Heating Oil Futures Trading

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Heating Oil Futures

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Heating Oil Futures Trading Chart updated December 25th, 2023

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Heating Oil Futures Contract Specifications

Contract Specification 5-Year Treasury Note Futures
Product Symbol HO
Contract Size 42,000 gallons
Price Quotation U.S. Dollars and Cents per gallon
Venue CME Globex, CME ClearPort, Open Outcry (New York)
CME Globex Hours (EST) Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (5:00 p.m. - 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME ClearPort Hours (EST) Sunday - Friday 6:00 p.m. - 5:15 p.m. (5:00 p.m. - 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry Hours (EST) Monday - Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)
Minimum Fluctuation $0.0001 per gallon
Termination of Trading Trading in a current month shall cease on the last business day of the month preceding the delivery month.
Listed Contracts Heating oil futures are listed through January 2013
Settlement Type Physical

(A) Delivery shall be made F.O.B. seller's ex-shore facility in New York Harbor with all duties, entitlements, taxes, fees and other charges imposed prior to delivery on or in respect to the product paid by the seller. Delivery shall be made in accordance with applicable Federal, State and local laws. Buyer shall reimburse seller for any heating oil tax as had been or will be paid by the seller. At buyer's option, such delivery shall be made by any of the following methods:

(1) By delivery into buyer's barge;

(2) By delivery into buyer's truck, if the facility used by the seller allows such movement;

(3) By delivery into buyer's tanker or pipeline, if buyer can take delivery in such manner at the facility used by seller;

(4) By stock transfer of title to the buyer; if the facility used by seller allows such transfer;

(5) By book transfer if the seller agrees to such transfer;

(6) By intra-facility transfer ("pump-over"), if the facility used by seller allows such transfer;

(7) By inter-facility transfer ("pump-over"), if the facilities used by both seller and buyer allow such transfer.

(B) For purposes of these rules, any short customer delivering an aggregate of twenty-five (25) contracts or less in a delivery month, shall deliver all such contracts into the same facility.

(C) For the purpose of these rules, New York Harbor shall extend from the East River west of Hunts Point; Gowanus Bay west of the Hamilton Avenue Bridge; the Hudson River south of the George Washington Bridge; the Upper Bay; the Narrows; the Lower Bay west of Morton Point; the Newark Bay; the Hackensack River south of the Witt-Penn Bridge; the Passaic River south of the Pulaski Skyway Bridge; the Kill Van Kull; the Arthur Kill and the Raritan River east of the Garden State Parkway Bridge.


(1) If the buyer takes delivery by truck, the buyer shall pay a per gallon surcharge of $.02 (2.0¢).

(E) All deliveries made under these rules shall be final and there shall be no appeal.

Delivery Period

Trading shall be conducted in contracts providing for delivery in such months as may be determined by the Board of Directors. The Clearing House Committee shall determine when trading in the delivery months shall commence.

Grade and Quality Specifications

The oil shall be a hydrocarbon oil free from alkali, mineral acid, grit, fibrous or other foreign matter and shall meet the following physical and chemical properties.

(A) No. 2 Heating oil

(1) Gravity: A.P.I. 30°F minimum (A.S.T.M. Test Method D287)

(2) Flash: 130°F minimum (A.S.T.M. Test Method D93)

(3) Viscosity: Kinematic, Centistokes at 100°F, minimum 2.0, maximum 3.6 (A.S.T.M. Test Method D445)

(4) Water and Sediment: .05% maximum (A.S.T.M. Test Method D1796 or D2709)

(5) Pour Point: 0°F maximum for contract months September through March; 10°F maximum for contract months April through August, (A.S.T.M. Test Method D97)

(6) Distillation: 10% Point, 480°F maximum; 90% Point, 640°F maximum, End Point 690°F maximum (A.S.T.M. Test Method D86)

(7) Sulfur: 0.20% maximum (A.S.T.M. Test Method D129, D1552, D1266, D2622 or D4294)

(8) Stability:

(i) Thermal Stability: 90 minutes 300°F Pad rating 7 maximum (DuPont Test Method); or

(ii) Oxidation Stability: mg/100ml., 2.5 maximum (A.S.T.M. Test Method D2274);

(9) Haze Rating: 25°C (77°F), Procedure 2, 2 maximum (A.S.T.M. Test Method D4176);

(10) Carbon Residue: Weight% on 10% Bottom, 0.35 maximum (A.S.T.M. Test Method D524 or D4530);

(11) Ash: 0.01 wt. % maximum (A.S.T.M. Test Method D482);

(12) Corrosion: 3 hours 50°C (122°F), 1 maximum (A.S.T.M. Test Method D130).

(13) Cloud Point: 15°F maximum for contract months September through March; 20°F maximum for contract months April through August. (A.S.T.M. Test Method D2500)

(14) Dye: All heating oil delivered against this contract, regardless of sulfur content, shall be dyed in satisfaction of the dyeing requirements as prescribed by the Internal Revenue Service (IRS) for tax-free sales or uses of diesel fuel (using the Petro Spec dye analyzer or the IRS Test Method), pursuant to Section 4082 of the Internal Revenue Code of 1986, as amended.

(B)(1) A.S.T.M. refers to the American Society for Testing Materials.

(2) A.P.I. refers to the American Petroleum Institute.

(3) DuPont refers to Petroleum Chemical Division, E.I. DuPont de Nemours & Company (Inc.), Petroleum Laboratory Test Methods.

Rulebook Chapter 150
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.


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