Heating Oil Futures
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Trading Hours Futures and Options: All times are New York time. Trading is conducted in 18 consecutive months commencing with the next calendar month for heating oil futures trading hours, on October 2,trading occurs in all months from November through April In dollars and cents per gallon: Trading terminates at the close of business on the last business day of the month preceding the delivery month.
Exercise of Options By a clearing member to the Exchange clearinghouse not later than 5: Strike price heating oil futures trading hours are adjusted according to the futures price heating oil futures trading hours. Delivery Heating Oil is F. All duties, entitlements, taxes, fees, and other charges paid. Delivery may also be completed by pipeline, tanker, book transfer, or heating oil futures trading hours or intra-facility transfer.
Delivery must be made in accordance with applicable federal, state, and local licensing and tax laws. Delivery Period Deliveries may only be initiated the day after the fifth business day and must be completed before the last business day of the delivery month.
Alternate Delivery Procedure ADP An Alternate Delivery Procedure is available to buyers and sellers who have been matched by the Exchange subsequent to the termination of trading in the spot month contract. If buyer and seller agree to consummate delivery under terms different from those prescribed in the contract specifications, they may proceed on that basis after submitting a notice of their intention to the Exchange.
Exchange of Futures for, or in Connection with, Physicals EFP The commercial buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Heating oil futures trading hours.
EFPs may be used to either initiate or liquidate a futures position. Grade and Quality Specifications Generally conforms to industry standards for fungible No.
Inspection The buyer may request an inspection for grade and quality or quantity for all deliveries, but shall require a quantity inspection for a barge, tanker, or inter-facility transfer. If the buyer does not request a quantity inspection, the seller may request such inspection. The cost of the quantity inspection is shared equally by the buyer and seller.
If the product meets grade and quality specifications, the cost of the quality inspection is shared jointly by the buyer and seller. If the product fails inspection, the cost is borne by the seller.
Position Limits 7, contracts for all months combined, but not to exceed 1, in the last three days of trading in the spot month or 5, in any one month. The margin requirement for an options purchaser will never exceed the premium. For oil and gas analysis and forecasts subscribe to: Tuesday, April 3, See our special offer for new subscribers. Click on graph for larger image. Copyright by James L.