The NYMEX heating oil futures contract is a contract for
future physical delivery of 42,000 gallons of heating oil; however, the vast majority of the futures positions are offset
well before delivery. The heating oil futures trade in $0.0001 (1/100 cent) increments, equivalent to $4.20 per contract.
Example of Futures Quote:
1.7450 means $1.745
Heating Oil Options Quotes
The NYMEX heating oil options contract controls 42,000 gallons of heating oil based on the underlying futures
contract. For a premium the heating oil options give buyers the right to buy (calls) or sell (puts) a heating oil futures
contract at a fixed price (strike price) for a fixed period of time (expiration date).
Example of Options Quote:
0.0337 means $.0337 per gallon
$.0337 X 42,000 gallons = $1,415.40