Can you pass this winter without the heating oil heating your house? Something real hard. We are all used to having a warm house with the heating oil or natural gas during winter. importance of oil and natural gas in our lives cannot be denied. Energy is the most important resource for any economy. Without energy no economy cannot function. Do you remember the summer of 2008 when crude oil prices suddenly jumped to around $150 per barrel. The prices came down because of the stock market crash. But they will go up again when the global economy recovers from recession and starts growing again.
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The world’s largest energy futures exchange is the New York Mercantile Exchange (NYMEX). NYMEX trades futures contracts for crude oil, natural gas, heating oil, gasoline, coal, electricity and propane. Visiting the NYMEX website can give you a lot of useful information about calendars and the margin requirements for each contract.
Energy demand especially for heating oil, natural gas and gasoline is extremely seasonal and cyclic in nature. In winters, our houses need heating oil and natural gas for heating purposes. During summers people tend to drive their cars long distances on vacations.
During the spring, refineries switch production from heating oil to gasoline. This brings a lull in oil prices as production in most of the refineries slows down. Now as an energy futures trader, you need to keep a close eye on the US EIA (Energy Information Agency) and the API (American Petroleum Institute) weekly supply data reports. These reports give key insight into the supply situation of these commodities!
