Refined Products
After processing crude oil through various refinery processes, a number of closely-related products are produced. Based on the weight of each molecule, refinery output is categorized as: light distillate (gasoline, naptha, LPG), middle distillate (kerosene, diesel, heating oil) or heavy distillate (asphalt, fuel oil, and paraffin or wax). US futures markets focus primarily on Heating Oil and RBOB Gasoline, while European markets trade Gasoil (very similar to diesel).
The standard trade quantity for US markets is a multiple of 1,000 barrels (or 42,000 gallons), while the European Gasoil trades in multiples of 100 metric tons (about 746 barrels). Market liquidity is limited for contracts that are more than 18-24 months away. NYMEX RBOB and Heating Oil futures and options are either physically settled at New York Harbor or financially settled.
Swaps
- RBOB Bullet Swap (Financial Future), RT
- RBOB Calendar Swap, RL
- Gulf Coast Gasoline Calendar Swap, GS
- Los Angeles CARB Gasoline Swap, MH
- Heating Oil Bullet Swap (Financial Future), BH
- New York Harbor Heating Oil Calendar Swap, MP
- Gulf Coast heating Oil Calendar Swap, GP
- Gulf Coast Jet Fuel Calendar Swap, GE
- On-Highway Diesel Swap (EIA Flat tax), A5
- European Gasoil (ICE) Calendar Swap on NYMEX, GX
- European Gasoil (ICE) Bullet Swap on NYMEX, BG
- ICE Gasoil Calendar Swap, GSP
- ICE Gasoil Bullet Swap, GOB
Options
- RBOB American-Style Options, OB
- RBOB European-Style Options, RF
- RBOB Average Price Options, RA
- Heating Oil American-Style Options, OH
- Heating Oil European-Style Options, LB
- Heating Oil Average Price Options, AT
- European-Style Gasoil Options on NYMEX, F8
- Gasoil Average Price Options on NYMEX, F7
- ICE Gasoil American-style Options, G
- ICE Gasoil European-Style Options, GUL
- ICE Gasoil Average Priced Options, GSP
Futures
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