Commodity ratio · live
Heating Oil Futures to Natural Gas Futures Ratio
The heating oil futures to natural gas futures ratio is 1.566 — Heating Oil Futures at $4.40 per Gallan divided by Natural Gas Futures at $2.81 per Million British Thermal Units.
Prices as of Aug 24, 2026, 12:26 PM UTC. Change either side of the calculator to price any other pair from 170+ commodities.
Heating Oil Futures to Natural Gas Futures ratio
1.000 Gal of heating oil futures = 1.566 MMBtu of natural gas futures
Inverse (NG-FUT/HO-FUT): 0.6386 — one Million British Thermal Units of natural gas futures buys that much heating oil futures.
Near the top of its 1 year range — historically stretched. (95th percentile of the last 1 year)
Heating Oil Futures
$4.40
per Gallan
Natural Gas Futures
$2.81
per Million British Thermal Units
Unit basis: USD per Gallan ÷ USD per Million British Thermal Units. The ratio reads as Million British Thermal Unitss of natural gas futures per Gallan of heating oil futures. Prices as of Mon, 24 Aug 2026 12:26:18 GMT.
1Y average
1.008
median 0.9968
1Y low
0.3728
Jan 25, 2026
1Y high
1.658
Aug 16, 2026
Normal band
0.6315–1.385
mean ± 1 std dev
Deviation from mean
+1.48σ
329 observations
Heating Oil Futures to Natural Gas Futures ratio charts
Pick a range once — it applies to the HO-FUT/NG-FUT ratio line, the OHLC candles and the Heating Oil Futures / Natural Gas Futures price chart below.
HO-FUT/NG-FUT ratio line
How many MMBtu of Natural Gas Futures one Gal of Heating Oil Futures buys, over 1Y.
HO-FUT/NG-FUT ratio candles
Open, high, low and close of the HO-FUT/NG-FUT ratio for each period in the last 1Y.
Heating Oil Futures and Natural Gas Futures prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the heating oil futures to natural gas futures ratio
Heating Oil Futures to Natural Gas Futures ratio = Heating Oil Futures price per Gallan ÷ Natural Gas Futures price per Million British Thermal Units
The two legs use different units, so the result is a rate — Million British Thermal Unitss of natural gas futures per Gallan of heating oil futures — rather than a plain count.
Worked example, live prices: $4.40 ÷ $2.81 = 1.566. The inverse is 0.6386.
The flagship commodity ratios
Each of these has its own dedicated page with live pricing, a full year of history and range statistics.
Live prices behind the ratio
| # | Symbol | Name | Rate (USD) |
|---|---|---|---|
| 1 | XAU | Gold | 4655.18 |
| 2 | XAG | Silver | 69.27 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 92.99 |
| 5 | NG-FUT | Natural Gas Futures | 2.81 |
| 6 | PL | Platinum | 1887.51 |
| 7 | PA | Palladium | 1353.70 |
Frequently asked questions
What is the heating oil futures to natural gas futures ratio today?
The heating oil futures to natural gas futures ratio is 1.566 — Heating Oil Futures at $4.40 per Gallan divided by Natural Gas Futures at $2.81 per Million British Thermal Units, from live mid-market prices.
How do you calculate the heating oil futures to natural gas futures ratio?
Divide the heating oil futures price per Gallan by the natural gas futures price per Million British Thermal Units. If the two units differ, the result is a rate rather than a plain count — read it as Million British Thermal Unitss of natural gas futures per Gallan of heating oil futures.
What is the inverse of the heating oil futures to natural gas futures ratio?
The inverse, natural gas futures to heating oil futures, is 0.6386 — how many Gallans of heating oil futures one Million British Thermal Units of natural gas futures buys.