United States and Canada
Heating oil is known in the United States as No. 2 heating oil. In the U.S., it must conform to ASTM standard D396. Diesel and kerosene, while often confused as being similar or identical, must conform to their own respective ASTM standards. Heating oil is widely used in parts of the United States and Canada where natural gas is not available and propane is priced higher. Where other fuels are not available, it is sometimes referred to as the unit cost per unit (BTU=British thermal unit or BTUH / h per hour), and can be less than other fuels.
The heating oil futures contract trades in units of 1,000 barrels (160 m3) with a minimum fluctuation of $0.0001 per gallon and (for the USA) is based on delivery in the New York harbor.
Heating oil is mostly used in the northeastern United States, with the majority of that heating oil coming from Irving Oil's refinery located in Saint John, New Brunswick. This refinery also happens to be the largest oil refinery in Canada.
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