Heating Oil

Heating Oil Meaning:
In commodity market terminology, Heating Oil is also known as No. 2 Fuel Oil and accounts for 25% of the output of a barrel of crude oil, the second largest component after gasoline. Heating oil is burned by furnaces to warm buildings.

Heating Oil Example:
Heating Oil futures trade on the New York Mercantile Exchange in addition to the Chicago Mercantile Exchange’s Globex and Clearport. The New York Harbor No. 2 Heating Oil futures contract, traded under the symbol HO, has a contract unit of 42,000 gallons.