- Trading Screen Product Name
- Heating Oil Diff Futures
- Trading Screen Hub Name
- HO/LS GO Euro Option (Cash Settled)
- Contract Symbol
EHL
- Contract Size
1,000 barrels (42,000 gallons)
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price Quotation
One cent ($0.01) per gallon
- Settlement Price Quotation
One hundredth of one cent ($0.0001) per gallon
- Minimum Price Fluctuation
One hundredth of one cent ($0.0001) per gallon
- Last Trading Day
Trading shall end one business day prior to the Expiration Date of
the ICE Heating Oil Futures contract
- Option Style
Options are European-style and will be automatically exercised on
the expiry day if they are “in-the-money”. The Future
resulting from exercise immediately goes to cash settlement
relieving market participants of the need to concern themselves
with liquidation or exercise issues. If an option is
“out-of-the-money” it will expire automatically. It is
not permitted to exercise the option on any other day or in any
other circumstances than the Last Trading Day. No manual exercise
is permitted
- Option Premium / Daily Margin
The EU-Style Heating Oil vs Low Sulphur Gasoil Option is a
premium-paid-upfront option. The traded premium will therefore be
debited by the Clearing House from the Buyer and credited to the
Seller on the morning of the Business Day following the day of
trade. Members who are long premium-paid-upfront options will
receive a Net Liquidating Value (NLV) credit to the value of the
premium which is then used to offset the initial margin requirement
flowing from both these options and positions in other energy
contracts. Members who are short premium-paid-upfront options will
receive an NLV debit in addition to their initial margin
requirement. NLV is calculated daily with reference to the
settlement price of the option
- Expiry
19:30 London Time (14:30 EST)
Automatic exercise settings are pre-set to exercise contracts which
are one minimum price fluctuation or more 'in the money' with
reference to the relevant reference price. Members cannot override
automatic exercise settings or manually enter exercise instructions
for this contract.
The reference price will be a price in USD and cents per gallon
equal to the difference between the settlement prices as made
public by ICE for the Heating Oil Futures contract and the ICE Low
Sulphur Gasoil Bullet Futures contract on the Last Trading Day.
When exercised against, the Clearing House, at its discretion,
selects sellers against which to exercise on a pro-rata basis.
conversion factor: 1 metric tonne = 312.9 gallons
- Strike Price Intervals
A minimum of 10 strikes above and below at the money in $0.01
increments will be listed at launch. This contract will support
Custom Option Strikes with strikes in increments of $0.001 within a
range of -$1.00 to $1.00. These ranges may be revised from time to
time according to future price movements. The at-the-money strike
price is the closest interval nearest to the previous business
day's settlement price of the underlying contract
- Contract Series
Up to 48 consecutive months
- Final Payment Date
Two Clearing House Business Days following the Last Trading Day
- Business Days
Publication days for ICE
- MIC Code
- IFED
- Clearing Venues
- ICEU