ICE Gasoil Futures and Options at Record Open Interest with Record Q2 Trading Volumes in Gasoil Options
July 15 2024 - 8:00AM
Business Wire
Performance demonstrates strength of the
global benchmark post the EU’s ban on Russian Diesel
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global
provider of technology and data, today announced that its Low
Sulphur Gasoil markets hit a series of open interest records
through June 2024, reaching a high of 1.2 million across futures
and options on July 1, 2024, equivalent to 120 million metric
tons.
ICE Low Sulphur Gasoil sits at the center of middle distillates
trading as the global benchmark for refined oil products. Gasoil
futures and options open interest is up over 40% year-over-year
(y/y), with trading volumes up 30% y/y.
Gasoil options activity has been performing particularly well,
hitting record open interest of 234,570 contracts on July 3, while
Gasoil options traded at record levels in Q2 2024 with 287,421
options traded. During Q2 2024, a record of approximately 16.2
million oil options contracts traded at ICE, including a record
13.5 million Brent options contracts. Customers can benefit from
margin offsets as high as 98% when clearing ICE Gasoil alongside
other oil positions at ICE.
ICE Gasoil is a physically deliverable futures contract for what
is now ultra-low sulphur diesel. An average of over 100,000 tons
has entered the delivery process each month since the start of
2024, demonstrating the success of the benchmark following ICE’s
changes to the methodology of the Gasoil contract to align it with
sanctions preventing the delivery or export of Russian oil in the
European Union which took effect from February 2023.
“More than 18 months on from ICE’s first successful delivery of
Russian-free barrels of gasoil, the contract continues as the most
liquid distillate benchmark,” said Jeff Barbuto, Global Head of Oil
Markets at ICE. “For 43 years, ICE’s gasoil market has allowed
customers to confidently participate in the physical delivery and
trade of gasoil globally, and the record trading activity is a
testament to the continued value participants find in the
contract.”
ICE Low Sulphur Gasoil forms part of ICE’s global crude and
refined product complex which includes Brent crude, the price
barometer for three quarters of the world’s internationally traded
crude oil, alongside ICE Midland WTI (HOU), ICE WTI (Cushing), ICE
Dubai (Platts), ICE Murban, as well as NY Harbor RBOB Gasoline and
Heating Oil. These benchmarks are supported by over 800 related oil
products, giving participants the ability to manage the price
points of products at the point of consumption or production around
the world. Open interest in ICE’s global oil complex is up over 20%
at 14 million contracts.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune
500 company that designs, builds and operates digital networks that
connect people to opportunity. We provide financial technology and
data services across major asset classes helping our customers
access mission-critical workflow tools that increase transparency
and efficiency. ICE’s futures, equity, and options exchanges
– including the New York Stock Exchange – and clearing
houses help people invest, raise capital and manage risk. We
offer some of the world’s largest markets to trade and clear energy
and environmental products. Our fixed income, data services
and execution capabilities provide information, analytics and
platforms that help our customers streamline processes and
capitalize on opportunities. At ICE Mortgage Technology , we
are transforming U.S. housing finance, from initial consumer
engagement through loan production, closing, registration and the
long-term servicing relationship. Together, ICE transforms,
streamlines and automates industries to connect our customers to
opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here . Key Information Documents for
certain products covered by the EU Packaged Retail and
Insurance-based Investment Products Regulation can be accessed on
the relevant exchange website under the heading “Key Information
Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 – Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2023, as
filed with the SEC on February 8, 2024.
Category: EXCHANGES
ICE- CORP
Source: Intercontinental Exchange
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version on businesswire.com: https://www.businesswire.com/news/home/20240715489049/en/
ICE Media Contact: Jess Tatham jess.tatham@ice.com
+44 7377 947136 ICE Investor Contact: Katia Gonzalez
katia.gonzalez@ice.com (678) 981-3882
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