Commodity ratio · live
Heating Oil Futures to Steel Ratio
The heating oil futures to steel ratio is 0.001432 — Heating Oil Futures at $4.39 per Gallan divided by Steel at $3,066.00 per Metric Ton.
Prices as of Aug 24, 2026, 11:35 AM UTC. Change either side of the calculator to price any other pair from 170+ commodities.
Heating Oil Futures to Steel ratio
1.000 Gal of heating oil futures = 0.001432 T of steel
Inverse (STEEL/HO-FUT): 698.4 — one Metric Ton of steel buys that much heating oil futures.
Near the top of its 1 year range — historically stretched. (96th percentile of the last 1 year)
Heating Oil Futures
$4.39
per Gallan
Steel
¥3,066.00
per Metric Ton
Unit basis: USD per Gallan ÷ CNY per Metric Ton. The ratio reads as Metric Tons of steel per Gallan of heating oil futures. Prices as of Mon, 24 Aug 2026 11:35:18 GMT.
These two commodities are quoted in different currencies (USD and CNY). The figure above is a raw quote ratio and is not FX-adjusted.
1Y average
0.001003
median 0.0009248
1Y low
0.0006467
Jan 7, 2026
1Y high
0.001514
Mar 20, 2026
Normal band
0.0007434–0.001263
mean ± 1 std dev
Deviation from mean
+1.65σ
307 observations
Heating Oil Futures to Steel ratio charts
Pick a range once — it applies to the HO-FUT/STEEL ratio line, the OHLC candles and the Heating Oil Futures / Steel price chart below.
HO-FUT/STEEL ratio line
How many T of Steel one Gal of Heating Oil Futures buys, over 1Y.
HO-FUT/STEEL ratio candles
Open, high, low and close of the HO-FUT/STEEL ratio for each period in the last 1Y.
Heating Oil Futures and Steel 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 steel ratio
Heating Oil Futures to Steel ratio = Heating Oil Futures price per Gallan ÷ Steel price per Metric Ton
The two legs use different units, so the result is a rate — Metric Tons of steel per Gallan of heating oil futures — rather than a plain count.
Worked example, live prices: $4.39 ÷ $3,066.00 = 0.001432. The inverse is 698.4.
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 | 4640.70 |
| 2 | XAG | Silver | 68.90 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 92.88 |
| 5 | NG-FUT | Natural Gas Futures | 2.78 |
| 6 | PL | Platinum | 1883.84 |
| 7 | PA | Palladium | 1350.90 |
Frequently asked questions
What is the heating oil futures to steel ratio today?
The heating oil futures to steel ratio is 0.001432 — Heating Oil Futures at $4.39 per Gallan divided by Steel at $3,066.00 per Metric Ton, from live mid-market prices.
How do you calculate the heating oil futures to steel ratio?
Divide the heating oil futures price per Gallan by the steel price per Metric Ton. If the two units differ, the result is a rate rather than a plain count — read it as Metric Tons of steel per Gallan of heating oil futures.
What is the inverse of the heating oil futures to steel ratio?
The inverse, steel to heating oil futures, is 698.4 — how many Gallans of heating oil futures one Metric Ton of steel buys.