Commodity ratio · live
Steel to Heating Oil Futures Ratio
The steel to heating oil futures ratio is 698.4 — Steel at $3,066.00 per Metric Ton divided by Heating Oil Futures at $4.39 per Gallan.
Prices as of Aug 24, 2026, 11:35 AM UTC. Change either side of the calculator to price any other pair from 170+ commodities.
Steel to Heating Oil Futures ratio
1.000 T of steel = 698.405 Gal of heating oil futures
Inverse (HO-FUT/STEEL): 0.001432 — one Gallan of heating oil futures buys that much steel.
Near the bottom of its 1 year range — historically compressed. (4th percentile of the last 1 year)
Steel
¥3,066.00
per Metric Ton
Heating Oil Futures
$4.39
per Gallan
Unit basis: CNY per Metric Ton ÷ USD per Gallan. The ratio reads as Gallans of heating oil futures per Metric Ton of steel. Prices as of Mon, 24 Aug 2026 11:35:18 GMT.
These two commodities are quoted in different currencies (CNY and USD). The figure above is a raw quote ratio and is not FX-adjusted.
1Y average
1065
median 1081
1Y low
660.5
Mar 20, 2026
1Y high
1546
Jan 7, 2026
Normal band
798.9–1331
mean ± 1 std dev
Deviation from mean
-1.38σ
307 observations
Steel to Heating Oil Futures ratio charts
Pick a range once — it applies to the STEEL/HO-FUT ratio line, the OHLC candles and the Steel / Heating Oil Futures price chart below.
STEEL/HO-FUT ratio line
How many Gal of Heating Oil Futures one T of Steel buys, over 1Y.
STEEL/HO-FUT ratio candles
Open, high, low and close of the STEEL/HO-FUT ratio for each period in the last 1Y.
Steel 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 steel to heating oil futures ratio
Steel to Heating Oil Futures ratio = Steel price per Metric Ton ÷ Heating Oil Futures price per Gallan
The two legs use different units, so the result is a rate — Gallans of heating oil futures per Metric Ton of steel — rather than a plain count.
Worked example, live prices: $3,066.00 ÷ $4.39 = 698.4. The inverse is 0.001432.
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 steel to heating oil futures ratio today?
The steel to heating oil futures ratio is 698.4 — Steel at $3,066.00 per Metric Ton divided by Heating Oil Futures at $4.39 per Gallan, from live mid-market prices.
How do you calculate the steel to heating oil futures ratio?
Divide the steel price per Metric Ton 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 Metric Ton of steel.
What is the inverse of the steel to heating oil futures ratio?
The inverse, heating oil futures to steel, is 0.001432 — how many Metric Tons of steel one Gallan of heating oil futures buys.