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 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.