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IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, today announced a daily volume record of 35,733 contracts was reached in ICE Heating Oil futures on April 11, 2013. The previous volume record was 26,850 contracts on March 6, 2013.
The ICE Heating Oil futures contract is based on New York Harbour ULSD Heating Oil, now with a 15 parts per million (ppm) sulphur content, from and including the May 2013 contract month. It is the North American equivalent of the actively-traded ICE Gasoil futures contract. Priced in U.S. dollars and cents per gallon, the contract trades for 36 consecutive months at a time. Each contract is sized at 42,000 gallons, the equivalent of 1,000 barrels.
ICE Futures Europe announced the change to the underlying specification of the Heating Oil futures and options contracts in June of last year. The move follows a bill issued by the New York State Senate which limits the sulphur content of heating oil to a maximum of 15 parts per million (ppm) from July 2012. The new specification aligns closely with the underlying quality of the ICE Low Sulphur Gasoil futures contract, launched in 2011.
