Heating Oil / ULSD (HO) – Knowledge
Specs • Seasonality • Refining • COT • Reports • Drivers • Trading notes
1️⃣ Contract Specifications
| Exchange / Symbol | NYMEX (CME) / HO (NY Harbor ULSD) |
|---|---|
| Contract Size | 42,000 gallons |
| Tick Size | $0.0001/gal = $4.20 per contract |
| Point Value | $0.01/gal = $420 |
| Months | All listed |
| Settlement | Physical (NY Harbor) |
| Trading Hours | Globex ~23h; Peaks US-Session. |
2️⃣ Seasonality & Refining
- Herbst/Winter: ↑ Destillate-Nachfrage (Heizen/Jet)
- Frühjahr: Turnarounds → Produktknappheiten möglich
3️⃣ Refining & Spreads
- Crack-Spreads (HO/CL) zeigen Raffineriemargen
- NY Harbor Logistik/Lager als Preistreiber
4️⃣ COT Insights
- Funds trendfolgend; Commercials (Raffinerien/Marketer) hedgen
5️⃣ Key Reports
- EIA Weekly Petroleum (Produktionen, Lager, Importe)
- Rack/Wholesale-Preise, PADD-Daten
6️⃣ Market Drivers
- Wetter (Winterkälte), Flugverkehr (Jet Fuel)
- Raffineriestörungen, Logistik/Shipping
7️⃣ Correlations & Proxies
- Positiv zu CL; Spreads: HO-CL, HO-RB
- ETFs/CFDs: Heating-Oil-CFDs
8️⃣ Trading Notes / My Take
Ich handle HO primär über Spreads/Cracks vs CL und in Wetterszenarien. VWAP-Cluster + EIA-Überraschungen als Trigger.
Disclaimer: Educational only.