Heating Oil / ULSD (HO) August (Q) 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 August heating oil contract 2010–2026, measured over its tenure as the lead contract · Typically leads Jun 18 – Jul 17
The August contract owns the largest file on the HO board at 17 tenures, and as of this summer it also owns the board’s freshest headline: the 2026 tenure, which handed off in mid-July, gained 29.1%, the best August run in the file, as refineries ran flat out and the diesel crack went vertical. The longer record beneath it is a solid summer performer: 10 winners, a +3.1% median.
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.