The (RBOB) Gasoline/Gasoil spread is financially settled with any position resulting in two legs in the underlying RBOB Gasoline and Gasoil markets. In listing the RBOB Gasoline/Gasoil Arb, it enables traders to manage price risk for Middle Distillates cargoes moving between the United States and Europe.
|Trading Hours||GMT* Open 01:00 (23.00 on Sundays) Close 23:00.
EST Hours Open 20:00 (18:00 on Sundays) Close: 18:00 the following day.
CST Hours Open 19:00 (17:00 on Sundays) Close: 17:00 the following day.
Singapore Hours Open 09:00 (07:00 on Monday mornings) close 07:00 the next day.
*An Exchange Circular will be issued in advance of the UK switch from GMT to BST and further US switch to and from DST to confirm the altered market opening anc closing times.
|Units of Trading||1 Lot = 100 Metric Tons
The minimum RBOB/GO Spread qty is 4 lots (made up of 3 RBOB Gasoline lots & 4 Gas Oil lots). US RBOB Gasoline is priced in USD per gallon & European Gasoil is priced in USD per metric tonne. The Gasoil conversion factor from Metric Tonnes to USD per Gallon is 312.9. To convert Gasoil into USD/gal simply divide the price by 312.9
The conversion factor of 312.9 is derived from 2 conversions:
Metric Tons to Barrels (7.45)
Barrels to Gallons (42:1)
|Quotation||The contract price is in US dollars and cents per gallon|
|Minimum Price Flux||$.0001 per bbl, equivalent to a tick value of $12.60|
|Maximum Price Flux||There are no limits.|
|Clearing||The Clearing House guarantees financial performance of all ICE Futures contracts registered with it by its clearing members. All ICE Futures Member companies are either members of the Clearing House or have a clearing agreement with a Member who is a member of the Clearing House.|
|Contract Listings||Up to 12 consecutive months forward however please note that due to a pending specification change to US RBOB Gasoline, ICE Futures Europe will not list any new Contract Months until further notice for ICE RBOB Gasoline Futures. Therefore following the expiry of the September 2009 contract on August 28 2009, the September 2012 contract will not be introduced as scheduled. This means that ICE will not list any additional RBOB Gasoline/Gasoil contract months beyond the expiry of the September 2009 contract until the specification change in US RBOB Gasoline has been resolved. An exchange circular will be issued with respect to any updates|
|Position Limits||Terms are deferred to the contracts referenced by the leg
The Exchange may impose position accountability levels or limits on positions in this contract at its discretion as provided in Rules P8 and P3 respectively.
Current position accountability levels: In any one month: 5,000 net futures, all months: 7,000 net futures.
Current position limits: 1000 lots during the last 3 trading days of the expiring month.
Exemptions from position limits may be granted at Exchange discretion for bona fide hedge positions.
|Last Trading Day||Trading shall cease at the end of the designated settlement period on the penultimate US business day of the month proceeding the contract month.|
|Settlement||Trading the RBOB Gasoline/Gas Oil Spread will result in two
separate positions in the underlying futures markets for RBOB
Gasoline and Gasoil. The settlement of each leg will be respective
expiry of the RBOB Gasoline and Gasoil futures contracts as made
public by ICE Futures Europe. Upon expiry of the RBOB Gasoline leg,
holders of a RBOB Gasoline/Gas Oil Spread trade will then be left
with a long or short position in the Gasoil market which will then
be settled on expiry of the relevant underlying Gasoil futures
ICE Gasoil futures expiry: Trading shall cease at 12:00 hours, 2 business days prior to the 14th calendar day of the delivery.
The weighted average price of trades is determined during a three minute settlement period from 16:27:00 to 16:30:00, London time.
ICE RBOB Gasoline futures expiry: Trading Shall cease at the end of the designated settlement period on the penultimate US business day of the month preceding the delivery.
The RBOB Gasoline Futures Contract is cash settled against the prevailing market price for RBOB Gasoline in New York Harbour. The cash settlement price in USD per US gallon is equal to the penultimate settlement price for New York Harbor (RBOB) Gasoline Futures Contract as made public by NYMEX for the month of production as specified within the relevant Contract Rules by reference to the 2005ISDA Commodity Definitions.
NOTE: DST in the US will be different than BST time. See Circular 14011 for temporary trading hours changes.
Clearing Admin NameRBOB/GO Spr