Trading Unit
42,000 U.S. gallons (1,000 barrels).
Price Quotation
U.S. dollars and cents per gallon.
Trading Hours (All times are New York time)
Open outcry trading is conducted from 9:00 AM until
2:30 PM. Electronic trading is conducted from 6:00 PM until 5:15 PM via the CME Globex® trading platform, Sunday
through Friday. There is a 45-minute break each day between 5:15PM (current trade date) and 6:00 PM (next trade date).
Trading Months
36 consecutive months on a rolling basis.
Trading at Settlement (TAS)
Trading at settlement is available for the front two
months except on the last trading day and is subject to the existing TAS rules. Trading in all TAS products will cease daily
at 2:30 PM Eastern Time. The TAS products will trade off of a "Base Price" of 100 to create a differential (plus
or minus) in points off settlement in the underlying cleared product on a 1 to 1 basis. A trade done at the Base Price of
100 will correspond to a "traditional" TAS trade which will clear exactly at the final settlement price of the day.
Minimum Price Fluctuation
$0.0001 (0.01¢) per gallon ($4.20 per contract).
Maximum Daily Price Fluctuation
$0.25 per gallon ($10,500 per contract) for all months.
If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading
resumes, the limit is expanded by $0.25 per gallon in either direction. If another halt were triggered, the market would continue
to be expanded by $0.25 per gallon in either direction after each successive five-minute trading halt. There will be no maximum
price fluctuation limits during any one trading session.
Last Trading Day
Trading terminates at the close of business on the last business day of the month preceding
the delivery month.
Settlement
Type
Physical.
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 shall comply
with all state laws related to oxygen content. Complete delivery rules and provisions are detailed in Chapter 191 of
the Exchange Rulebook.
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 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 reformulated regular gasoline blendstock for oxygen blending (RBOB) with 10% denatured fuel ethanol (92% purity) as listed
by the Colonial Pipeline for fungible F grade for sales in New York and New Jersey. RBOB is a wholesale non-oxygentated blendstock
traded in the New York Harbor barge market that is ready for the addition of 10% ethanol at the truck rack. | Month | Reid Vapor Pressure (RVP)
pounds
per square inch | Volatile
Organic Compounds (VOC) Percentage Reduction |
| January | 15.0 max | N/A |
| February | 15.0 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 | 15.0
max | N/A |
| December | 15.0
max | N/A |
Margin
Requirements
Margins are required for open futures positions.
Trading Symbol
RB
RBT (TAS Code)
