On Nov 26, 2018 the spot price for New York Harbor No. 2 Heating Oil was $1.8800 / gallon.

The February 2019 futures contract for New York Harbor No. 2 Heating Oil traded at $1.8389 per gallon. The risk free interest rate for this period (~3 months) is 2.41% (APR). It costs $0.02 a month in advance to store a gallon of heating oil (paid upfront so this amount is already in PV terms). Determine the PV of the convenience yield on a gallon of heating oil between November 2018 and February 2019 (3 months). What does this value mean?

The November 2019 futures contract for New York Harbor No. 2 Heating Oil traded at $1.8850 per gallon. The risk free interest rate for this period (~12 months) is 2.69% (APR). It costs $0.02 a month in advance to store a gallon of heating oil (paid upfront so this amount is already in PV terms). Determine the PV of the convenience yield on a gallon of heating oil between November 2018 and November 2019. Why is this value not 4 times the convenience yield?