Heating Oil Futures and Options Trading

Heating Oil Futures

Trading Symbols
Futures: HO
Options: OH

Trading Unit
Heating Oil Futures: 42,000 U.S. gallons (1,000 barrels).
Heating Oil Options: One NYMEX Division heating oil futures contract.

Position Limits
7,000 contracts for all months combined, but not to exceed 1,000 in the last three days of trading in the spot month or 5,000 in any one month.

Trading Months
Heating Oil Futures: Trading is conducted in 18 consecutive months
commencing with the next calendar month (for example, on October 2, 1998, trading occurs in all months from November 1998 through April 2000).
Options: 18 consecutive months.

Minimum Price Fluctuation
Heating Oil Futures and Options: $0.0001 (0.01¢) per gallon ($4.20 per contract).

Last Trading Day
Heating Oil Futures: Trading terminates at the close of business on the last business day of the month preceding the delivery month.

Price Quotation
Heating Oil Futures and Options: In dollars and cents per gallon: for example, $0.5277 (52.77¢) per gallon.

Exercise of Options
By a clearing member to the Exchange clearinghouse not later than 5:30 P.M., or 45 minutes after the underlying futures settlement price is posted, whichever is later, on any day up to and including the option’s expiration.

Margin Requirements
Margins are required for open Heating Oil futures or short options
positions. The margin requirement for an options purchaser will never exceed the premium.

Trading Hours
Futures and Options: 9:50 A.M. to 3:10 P.M., for the open outcry session.
After-hours trading is conducted via the NYMEX ACCESS® electronic trading system from 7 P.M. to 9 A.M. on Sundays and 4 P.M. to 9 A.M., Mondays through Thursdays. All times are New York time.

Heating oil is used to heat people's homes. The most heating oil is used in the northeast. Usually, heating oil gets more volatile as we head into the winter months. This educational kit may help you better understand the market. Our commodity brokers are avalable to assist with this market or any other energy market.