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IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported that 934 lots (93,400 metric tonnes) of ICE Low Sulphur Gasoil Futures were successfully delivered during the first physical delivery process for the new contract.
The first contract month of January 2012 for ICE Low Sulphur Gasoil Futures expired on January 12, 2012. Physical delivery of low sulphur gasoil (10ppm diesel), takes place in the Amsterdam, Rotterdam, Antwerp (ARA) area between the sixteenth and the last calendar day of the delivery month.
The ICE Low Sulphur Gasoil Futures and Options contracts are based on a 10ppm sulphur diesel barge specification and were introduced by ICE Futures Europe in September 2011. The contracts meet changing long term hedging requirements in the global distillate market, especially in Europe, which is moving towards a low sulphur, diesel grade. Contract months out to December 2016 are available for trading. The existing ICE Gasoil Futures and Options contracts will continue to trade as per the 1,000ppm sulphur specification, up to and including January 2015.
Volumes and open interest in the ICE Low Sulphur Gasoil Futures contract have grown steadily since its launch. Average daily volume in January 2012 reached 451 contracts and open interest was 5,178 contracts as at February 6, 2012.
The ICE Gasoil Futures contract is the world's largest refined petroleum product futures contract, with record volume of 65.8 million contracts traded in 2011. Introduced in 1981, the ICE Gasoil Futures contract has become the underlying pricing reference for refined, middle-distillate products around the world. Today, the ICE Gasoil contract offers traders deep liquidity and the versatility of a global benchmark.
