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.
Delivery
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
|
|
|
Oxygen
|
1.7%
min by weight |
|
Benzene
|
1.3%
max by volume |
|
|
|
|
Month
|
RVP
|
VOC
Reduction |
|
January
|
15 max
|
n/a
|
|
February
|
15 max
|
n/a
|
|
March
|
13.5 max
|
n/a
|
|
April
|
n/a
|
23.4 min
|
|
May
|
n/a
|
23.4 min
|
|
June
|
n/a
|
23.4 min
|
|
July
|
n/a
|
23.4 min
|
|
August
|
n/a
|
23.4 min
|
|
September
1-15
|
n/a
|
23.4 min
|
|
September
16-30
|
13.5 max
|
n/a
|
|
October
|
13.5 max
|
n/a
|
|
November
|
15 max
|
n/a
|
|
December
|
15 max
|
n/a
|
