The New York Mercantile Exchange, Inc. today announced that it will introduce 11 new balance of month (BALMO) petroleum products swap futures contacts on NYMEX ClearPort clearing and trading, beginning on December 2 for trade date December 3.
The new BALMO contracts will be cash-settled based on the balance of month average Platts price starting from the day of execution through the last trading day of the contract month. These contracts allow users to customize the balance of month period by selecting the start date of the BALMO averaging period. The first listed month will be the December 2007 contract, and the next contract month will be listed 10 business days before the start of the contract month.
The new swap futures contracts and their commodity codes are: Singapore 180cst fuel oil BALMO (BS); Singapore 380cst fuel oil BALMO (BT); Singapore jet kerosene BALMO (BX); Singapore gasoil BALMO (VU); Singapore naphtha BALMO (KU); Dubai crude oil BALMO (BI); European 3.5% fuel oil (Northwest Europe) BALMO (KR); European 1% fuel oil (Northwest Europe) BALMO (KX); European naphtha BALMO (KZ); New York Harbor 1.0% fuel oil BALMO (VK); and Gulf Coast 3% fuel oil BALMO (VZ).
The Singapore 180cst fuel oil BALMO, Singapore 380cst fuel oil BALMO, European 3.5% fuel oil (Northwest Europe) BALMO, European 1% fuel oil (Northwest Europe) BALMO, and European naphtha BALMO swap futures contracts will be 1,000 metric tons in size. All other contracts will be 1,000 barrels in size.
The minimum price fluctuation will be $0.001 per barrel or metric ton. These contracts will be available for clearing and trading until the last business day of the contract month.
Information about fees is available on the NYMEX website at http://www.nymex.com/.
