Heating oil is a world’s popular by-product of crude oil that is primarily applied as a fuel for boilers and furnaces, heating our homes and other buildings. The heating oil price is directly connected to the price of the WTI crude oil. Heating oil is mostly demanded from October to March every year during the heating season, especially in northern countries. Heating oil is produced in a distillate fuel category, also including diesel fuel. Traded on the CME Globex with the ticker symbol HO, the heating oil contract size comprises 42,000 gallons.
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