ICE Futures Europe

Fuel Oil Diff - Fuel Oil 1% FOB Med Cargoes (Platts) vs 1% FOB NWE Cargoes (Platts) Future

Fuel Oil Diff - Fuel Oil 1% FOB Med Cargoes (Platts) vs 1% FOB NWE Cargoes (Platts) Future37042687

Description

A monthly cash settled future based on the difference between the Platts daily assessment price for 1% FOB Med Cargoes Fuel Oil and the Platts daily assessment price for 1% FOB NWE Cargoes Fuel Oil.

Market Specifications

Trading Screen Product Name
Fuel Oil Diff Futures
Trading Screen Hub Name
1% FOB Med Cg (Platts)/1% FOB NWE Cg (Platts)
Commodity Code
FOG
Contract Size
1,000 metric tonnes
Unit of Trading
Any multiple of 1,000 metric tonnes
Currency
US Dollars and cents
Trading Price Quotation
One cent ($0.01) per metric tonne
Settlement Price Quotation
One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation
One tenth of one cent ($0.001) per metric tonne
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
Final Settlement
In respect of final settlement, the Floating Price will be a price in USD and cents per metric tonne based on the difference between the average of the “Mid” quotations appearing in the "Platts European Marketscan" under the heading "Mediterranean cargoes" subheading "FOB Med (Italy)" for "Fuel Oil 1.0%" and the average of the “Mid” quotations appearing in the "Platts European Marketscan" under the heading "Northwest Europe cargoes" subheading "FOB NWE" for "Fuel oil 1.0%" for each business day (as specified below) in the determination period.
Contract Series
Up to 60 consecutive months
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
Business Days
Publication days for Platts European Marketscan
MIC Code
IFEU
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:00 PM
19:50 - 18:00
7:40 PM
19:40
London12:50 AM - 11:00 PM
00:50 - 23:00
12:40 AM
00:40
Singapore8:50 AM - 7:00 AM
08:50 - 07:00
8:40 AM
08:40

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes

Clearing Admin Name
Ref Diffs mt
Physical
FOG
Logical
FOG
GMI(FC)
R&N A.C.N.