Heating oil accounts for about a quarter of the yield of a barrel of crude oil. This is the second biggest use from a barrel of crude oil, surpassed only by gasoline.
Heating Oil Futures contracts are traded on the NYMEX exchange. A standard contract represents 42,000 gallons of heating oil. Prices are quoted in cents per gallon. For example, if the quote is 250, the nominal value of the contract will be $105,000. This is the $2.50(250 cents) multiplied by the 42,000.
Return from Trade Heating Oil futures to Energy Futures