Do you want to learn about a practical deep learning approach to APIs for predicting heating oil prices? If so, keep reading!
Commodities are raw materials that are used for production or consumption purposes. They have been traded for centuries; but they have only become popular recently as an investment option because of their high returns over time.
One of the most popular commodities is heating oil. As the seasons change, so does the demand for it. The cost of home heating oil normally increases from October to March, when demand for heating oil is at its peak; in the meantime, crude oil prices are steady. Just consider that a typical residence in the Northeast may only consume 850 to 1,200 gallons of heating oil during the winter. Thus they make an incredible product to invest in.
People who invest in commodities futures do so because they want to take advantage of market volatility. In other words, they want to make money when there are large changes in price. You can use these futures as an indicator for when there will be significant price fluctuations so that you can make better financial decisions with your money.
So, if you are interested in investing in commodities like heating oil; then tracking their prices could help you make smarter investments. Fortunately today this is very simple thanks to the help of an API for commodities prices. Let’s see how they work.
How Can An API Help You Obtain Commodities Prices?
It is well known that an API allows two programs to connect with one another and exchange data (API). This is so that data from various sources can be accessed directly thanks to an API. So, when it comes to a commodities prices API, the tool quickly and accurately obtains information about commodities.
Additionally, this tool is easy to integrate into a website in order to speed up search processes and present accurate exchange data because the majority of APIs use the JSON format.
So, the best approach to get a certain piece of data is without a doubt using an API; but you need to know which web service has the greatest API. This is due to the fact that not all Internet-based APIs are reliable. Therefore, we advise using Commodities-API as a reliable API with more than six years of market experience. This one gives accurate real-time commodity pricing down to the second decimal points, with a frequency of up to 60 seconds!
How to Use This API to Get Heating Oil Prices
- First, register on Commodities-API website in order to receive an API key. After signing up, you can choose a plan. Currently, Commodities-API offers three different plans: the starting (no-cost), basic, and professional. After carefully comparing the differences between each, pick the one that best meets your demands.
- Verify your API key by entering your bearer token into the authorization header.
- Choose the currency you want to view your pricing in after completing the aforementioned steps, and then choose the commodity symbol you want (in this case heating oil). Remember that there are more than 170 different currencies available!
- Finally, send the API request after making a decision, then wait for the response.
And that’s it! Also, thanks to its comprehensive API documentation, understandable code samples; and an easy API style, you can implement Commodities-API in approximately 10 minutes! So what are you waiting for? Get started right now!
Related post: Top 3 Historical Commodities Prices APIs Every Developer Should Know
Also published on Medium.