Heating Oil HeatingOil.FUT

Heating Oil is a fuel that is used in heating devices, such as furnaces, boilers and other central heating systems. Heating oil comes in two different varieties, gas oil and kerosene. Heating oil is typically made from petroleum and crude oil. The Crude oil is heated to a high temperature in a fractioning column which distils the liquid. Through this distillation process, different fuels can be made, including heating oil.

Heating oil is used in different heating devices. Kerosene is commonly used in most homes, whereas gas oil is used more often in business settings for commercial and agricultural use. Kerosene was originally discovered in 1846 by Abraham Gesner, who distilled coal by heating it, which produced the kerosene.

A number of factors can cause heating oil prices to change. The cost of crude oil, seasonal demand, competition in local markets and regional operating costs are all factors that can influence the rate of heating oil and cause it to fluctuate. It is the second largest crude oil product, with gasoline taking the number one spot. Heating Oil is tracked as an expiry future traded on the CME exchange.

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