Are you trying to get commodities prices on the heating oil? Do it by using this crude oil prices historical data API and learn about it in the article below!
In most parts of the world, it serves as fuel for furnaces and boilers, but in the past, it was known as “house heating oil” since it was frequently used for lanterns and stoves for lighting and cooking. There are now two versions of it, one for domestic use and the other for industrial applications. Given that it has characteristics and uses similar to diesel, it is sometimes known as “Red Diesel” in the UK.
While it is known as kerosene oil in Asia, heating oil is the term used in the UK and the US. Power generating, home lighting, and cooking all need heating oil. Its cyclical character results in an upward trend in demand over the wintertime. The leading consumer and refiner of heating oil worldwide is the US with China and Japan contributing significantly to refinement. The biggest consumers of heating oil are also in Europe and Canada.
Like price of gasoline, the price of heating oil is closely tied to the cost of oil; therefore, variables affecting the price of crude oil have a substantial consequence on the cost of heating oil. The New York Mercantile Exchange, the Intercontinental Exchange, and the Multi Commodity Exchange are the main trading venues for heating oil (MCX). Due to the lack of diesel futures on any exchange value, hedgers use its future contracts to cover their positions. Also expressed in US barrels.
Any supplier of goods like crude oil must be aware of the unpredictable and continuing shifts in the market. In to keep proximity to other types of products, such as agriculture, pastures, and industries where they are produced, they produce other items that need crude oil as fuel. We offer you Commodities-API as a result.
What Is Commodities API?
Commodities-API It is a open and minimalist platform where you can purchase commercialized data in the form of coffee, cereal, and oils, among other things. Buyers can get them by using an API, which is a piece of software that can be installed in less than a minute after approaching financial firms.
How Does It Work?
Commodities-API has the benefit of being exceedingly simple to use. To accomplish this, complete the instructions below:
-Go to the website and sign up for an account.
-Create an API Key on the platform.
– Select a currency and a topic of interest.
– On the panel, make an API call, and the software will respond with an API answer.
And everything works well!
Is It A Trustworthy Website?
This API also has a beautiful surfing user experience. It can communicate commodities data in real time with an accuracy of two decimal points and a rate of 60 seconds. Commodities-API is designed on a strong background infrastructure that ensures high availability and response times for specified API calls of fewer than 50 milliseconds.