Commodity ratio · live
Natural Gas Futures to Heating Oil Futures Ratio
The natural gas futures to heating oil futures ratio is 0.6386 — Natural Gas Futures at $2.81 per Million British Thermal Units divided by Heating Oil Futures at $4.40 per Gallan.
Prices as of Aug 24, 2026, 12:26 PM UTC. Change either side of the calculator to price any other pair from 170+ commodities.
Natural Gas Futures to Heating Oil Futures ratio
1.000 MMBtu of natural gas futures = 0.6386 Gal of heating oil futures
Inverse (HO-FUT/NG-FUT): 1.566 — one Gallan of heating oil futures buys that much natural gas futures.
Near the bottom of its 1 year range — historically compressed. (5th percentile of the last 1 year)
Natural Gas Futures
$2.81
per Million British Thermal Units
Heating Oil Futures
$4.40
per Gallan
Unit basis: USD per Million British Thermal Units ÷ USD per Gallan. The ratio reads as Gallans of heating oil futures per Million British Thermal Units of natural gas futures. Prices as of Mon, 24 Aug 2026 12:26:18 GMT.
1Y average
1.160
median 1.003
1Y low
0.6031
Aug 16, 2026
1Y high
2.683
Jan 25, 2026
Normal band
0.6889–1.631
mean ± 1 std dev
Deviation from mean
-1.11σ
329 observations
Natural Gas Futures to Heating Oil Futures ratio charts
Pick a range once — it applies to the NG-FUT/HO-FUT ratio line, the OHLC candles and the Natural Gas Futures / Heating Oil Futures price chart below.
NG-FUT/HO-FUT ratio line
How many Gal of Heating Oil Futures one MMBtu of Natural Gas Futures buys, over 1Y.
NG-FUT/HO-FUT ratio candles
Open, high, low and close of the NG-FUT/HO-FUT ratio for each period in the last 1Y.
Natural Gas Futures and Heating Oil Futures prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the natural gas futures to heating oil futures ratio
Natural Gas Futures to Heating Oil Futures ratio = Natural Gas Futures price per Million British Thermal Units ÷ Heating Oil Futures price per Gallan
The two legs use different units, so the result is a rate — Gallans of heating oil futures per Million British Thermal Units of natural gas futures — rather than a plain count.
Worked example, live prices: $2.81 ÷ $4.40 = 0.6386. The inverse is 1.566.
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 natural gas futures to heating oil futures ratio today?
The natural gas futures to heating oil futures ratio is 0.6386 — Natural Gas Futures at $2.81 per Million British Thermal Units divided by Heating Oil Futures at $4.40 per Gallan, from live mid-market prices.
How do you calculate the natural gas futures to heating oil futures ratio?
Divide the natural gas futures price per Million British Thermal Units by the heating oil futures price per Gallan. If the two units differ, the result is a rate rather than a plain count — read it as Gallans of heating oil futures per Million British Thermal Units of natural gas futures.
What is the inverse of the natural gas futures to heating oil futures ratio?
The inverse, heating oil futures to natural gas futures, is 1.566 — how many Million British Thermal Unitss of natural gas futures one Gallan of heating oil futures buys.