Heating Oil / ULSD (HO) February (G) contract study: year-by-year results, the day-by-day shape of the move and where highs and lows printed.
Contract Almanac · Heating Oil (ULSD)
Every February heating oil contract 2011–2026, measured over its tenure as the lead contract · Typically leads Dec 17 – Jan 16
The February contract is the best month on the HO board, and it is also the purest momentum contract we have measured in any market: in 13 of its 16 tenures, the defining extreme printed within the final five trading days. It takes the lead in mid-December, trades straight through the coldest stretch of the year, and whatever it is doing by the second week, it has almost always finished doing.
Each year is one contract, measured from the open of the day it took over the lead to the close of the day it handed off, the same roll convention used across all Traders Brief research. Tenure lengths vary by a few trading days from year to year, so day counts differ slightly at the tail. All highs and lows are the contract’s own trades, marked by trading day of the tenure, not calendar day.