ICE Low Sulphur Gasoil Futures Contract Successfully Completes First Delivery

Published on Tuesday, 07 February 2012 10:11 Written by TradersHuddle Staff

LONDON, Feb. 7, 2012 /PRNewswire/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today reported that 934 lots (93,400 metric tonnes) of ICE Low Sulphur Gasoil Futures were successfully delivered during the first physical delivery process for the new contract.

The first contract month of January 2012 for ICE Low Sulphur Gasoil Futures expired on January 12, 2012. Physical delivery of low sulphur gasoil (10ppm diesel), takes place in the Amsterdam, Rotterdam, Antwerp (ARA) area between the sixteenth and the last calendar day of the delivery month.

The ICE Low Sulphur Gasoil Futures and Options contracts are based on a 10ppm sulphur diesel barge specification and were introduced by ICE Futures Europe in September 2011.  The contracts meet changing long term hedging requirements in the global distillate market, especially in Europe, which is moving towards a low sulphur, diesel grade. Contract months out to December 2016 are available for trading.  The existing ICE Gasoil Futures and Options contracts will continue to trade as per the 1,000ppm sulphur specification, up to and including January 2015.

Volumes and open interest in the ICE Low Sulphur Gasoil Futures contract have grown steadily since its launch.  Average daily volume in January 2012 reached 451 contracts and open interest was 5,178 contracts as at February 6, 2012.

The ICE Gasoil Futures contract is the world's largest refined petroleum product futures contract, with record volume of 65.8 million contracts traded in 2011. Introduced in 1981, the ICE Gasoil Futures contract has become the underlying pricing reference for refined, middle-distillate products around the world. Today, the ICE Gasoil contract offers traders deep liquidity and the versatility of a global benchmark.

About IntercontinentalExchange

IntercontinentalExchange (NYSE: ICE) is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe hosts trade in half of the world's crude and refined oil futures. ICE Futures U.S. and ICE Futures Canada list agricultural, currencies and Russell Index markets. ICE is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers in more than 70 countries. www.theice.com  

The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, ICE, ICE and block design, ICE Futures Europe and ICE Clear Europe. All other trademarks are the property of their respective owners. For more information regarding registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliated companies, see https://www.theice.com/terms.jhtml

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange'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, 2010, as filed with the SEC on February 9, 2011 and ICE's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, as filed with the SEC on August 3, 2011.

ICE-ENGY

SOURCE IntercontinentalExchange