WTRG Economics Gasoline Oil Futures Prices - NYMEX
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Weekly Retail Gasoline Prices

Closing Gasoline Futures Price    Daily High/Low Gasoline Futures Prices   Contract Information
Friday, December 29, 2006: NYMEX Unleaded Gasoline for January delivery closed down $0.0402 at  $1.5419 per gallon. This contract has been replaced by the new RBOB gasuline contract.  Click here for RBOB prices.
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Gasoline Futures Price Close
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Daily High Low Unleaded Gasoline Futures Prices
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New York Harbor Unleaded Gasoline

Trading Unit
Futures: 42,000 U.S. gallons (1,000 barrels).

Options: One NYMEX Division New York Harbor unleaded gasoline futures contract

Trading Hours
Futures and Options: 9:50 A.M. to 3:10 P.M., for the open outcry session. After-hours trading is conducted via the NYMEX ACCESS® electronic trading system from 7 P.M. to 9 A.M. on Sundays and 4 P.M. to 9 A.M., Mondays through Thursdays. All times are New York time. 

Trading Months
Futures: Trading in New York Harbor unleaded gasoline is specified for 12 months on a rolling basis commencing with the next calendar month.

Options: Twelve consecutive months.

Price Quotation
Futures and Options: In dollars and cents per gallon, for example, $0.8522 (85.22¢) per gallon.

Minimum Price Fluctuation
Futures and Options: $0.0001 (0.01¢) per gallon ($4.20 per contract).

Maximum Daily Price Fluctuation
Futures: Initial limits of $0.06 (6¢) per gallon are in place in all but the first two months and rise to $0.09 (9¢) per gallon if the previous day’s settlement price in any back month is at the $0.06 per gallon limit. In the event of a $0.20 (20¢) per gallon move in either of the first two contract months, limits on all months become $0.20 per gallon from the limit in place in the direction of the move following a one-hour trading halt.

Options: No price limits.

Last Trading Day
Futures: Trading terminates at the close of business on the last business day of the month preceding the delivery month.

Options: Expiration occurs three business days before the underlying futures contract. 

Exercise of Options
By a clearing member to the Exchange clearinghouse not later than 5:30 P.M., or 45 minutes after the underlying futures settlement price is posted, whichever is later, on any day up to and including the option's expiration.

Options Strike Prices
Twenty strike prices in one-cent-per-gallon increments above and below the at-the-money strike price, and ten strike prices in five-cent increments above the highest and below the lowest existing strike prices for a total of at least 61 strike prices. The at-the-money strike price is the nearest to the previous day’s close of the underlying futures contract. Strike price boundaries are adjusted according to the futures price movements.

F.O.B. seller’s facility in New York Harbor ex-shore. All duties, entitlements, taxes, fees, and other charges paid. Requirements for seller’s shore facility: capability to deliver into barges. Delivery may also be completed by pipeline, tanker, book transfer, or inter- or intra-facility transfer. Delivery must be made in accordance with applicable federal, state, and local licensing and tax laws.

Delivery Period
Deliveries may only be initiated the day after the fifth business day and must be completed before the last business day of the delivery month.

Alternate Delivery Procedure (ADP)
An Alternate Delivery Procedure is available to buyers and sellers who have been matched by the Exchange subsequent to the termination of trading in the spot month contract. If buyer and seller agree to consummate delivery under terms different from those prescribed in the contract specifications, they may proceed on that basis after submitting a notice of their intention to the Exchange.

Exchange of Futures For, or in Connection with, Physicals (EFP)
The commercial buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange. EFPs may be used to either initiate or liquidate a futures position.

Grade and Quality Specifications
Generally conforms to industry standards for Phase II Complex Model Reformulated Gasoline.

New York Mercantile Exchange
New York Harbor Unleaded Gasoline Specifications

Phase II Complex Model 2000

1.7% min by weight
1.3% max by volume

VOC Reduction
15 max
15 max
13.5 max
23.4 min
23.4 min
23.4 min
23.4 min
23.4 min
September 1-15
23.4 min
September 16-30
13.5 max
13.5 max
15 max
15 max


Copyright 1999-2006 by James L. Williams 

James L. Williams
WTRG Economics 
Phone: (479) 293-4081
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