Trading Unit
42,000 U.S. gallons (1,000 barrels). Price Quotation
U.S. dollars and cents per gallon. Trading Hours (All times are New York Time)
Open outcry trading is conducted from 10:05 AM until 2:30
PM.
After-hours futures trading is conducted via the NYMEX ACCESS®
internet-based trading platform beginning at 3:15 PM on Mondays
through Thursdays and concluding at 9:30 AM the following
day. On Sundays, the session begins at 7:00 PM. Trading Months
18 consecutive months. Minimum Price Fluctuation
$0.0001 (0.01¢) per gallon ($4.20 per contract). Maximum Daily Price Fluctuation
$0.25 per gallon ($10,500 per contract) for all months. If
any contract is traded, bid, or offered at the limit for five
minutes, trading is halted for five minutes. When trading
resumes, the limit is expanded by $0.25 per gallon in either
direction. If another halt were triggered, the market would
continue to be expanded by $0.25 per gallon in either direction
after each successive five-minute trading halt. There will
be no maximum price fluctuation limits during any one trading
session. Last Trading Day
Trading terminates at the close of business on the last business
day of the month preceding the delivery month. Settlement Type
Physical. Delivery
F.O.B. seller's facility in New York harbor, ex-shore. All
duties, entitlements, taxes, fees, and other charges paid.
Requirements for seller's shore facility: capability to deliver
into barges. Buyer may request delivery by truck, if available
at the seller's facility, and pays a surcharge for truck delivery.
Delivery may also be completed by pipeline, tanker, book transfer,
or inter- 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 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 Exchange. EFPs may be used to either initiate
or liquidate a futures position. Grade and Quality Specifications
Generally conforms to industry standards for fungible No.
2 heating oil. 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 Accountability Levels and Limits
7,000 contracts for all months combined, but not to exceed
1,000 in the last three days of trading in the spot month. Margin Requirements
Margins are required for open futures positions Trading Symbol
HO