Greenhouse and Nursery - Heating Oil and Propane Futures

One way in which greenhouse and nursery growers can monitor where fuel prices are going is by watching the futures markets. Propane and heating oil are traded on the New York Mercantile Exchange (NYMEX). The following are some links and current futures prices. Futures are traded in units of 42,000 (or 21,000 gallons for the smaller fuel oil contract) so it is not a tool for controlling your price except for very large operations. However, it could be used by a cooperative of growers.

NYMEX Futures Prices for Heating Oil and Propane

Heating Oil (Dollars per Gallon)

January 2009 $1.42
March 2009 $1.48
November 2009 $1.69

Heating oil is now at same price as January, 2007. It topped out on the futures markets at over $4.00 per gallon in July. In January of 2008 it was twice the price it is now.

Propane (Dollars per Gallon)

January 2009 $0.55
March 2009 $0.56
November 2009 $0.61

Propane has not traded this low since the winter of 2005. It topped out on the futures markets at over $1.90 per gallon in July. In the January of 2008 it was three times the price it is now.

These futures prices can be found at:
http://www.nymex.com/ho_fut_cso.aspx for heating oil
http://www.nymex.com/pro_fut_cso.aspx for propane

Gordon Johnson, Extension Horticulture Agent, UD, Kent County