SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-246 (1 of 10)

Organization: New York Mercantile Exchange, Inc. ("NYMEX")

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 09/15/23 Filing Description: Initial Listing of Ten (10) European 

Gasoline Futures and Option Contracts

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers: 

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Product Terms and Conditions (product related Rules and Rule Amendments)

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

Approval Amendments to enumerated agricultural products § 40.4(a), § 40.5(a)

“Non-Material Agricultural Rule Change” § 40.4(b)(5)

Notification § 40.6(d)

Official Name(s) of Product(s) Affected: See filing.

Rule Numbers: See filing.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

September 15, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Future Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

Re: CFTC Regulation 40.2(a) Certification. Initial Listing of Ten (10) European Gasoline

Futures and Option Contracts.

NYMEX Submission No. 23-246 (1 of 10)

Dear Mr. Kirkpatrick:

New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) is certifying to the Commodity Futures 

Trading Commission (“CFTC” or “Commission”) the initial listing of ten (10) European Gasoline futures and 

option contracts listed in the tables below (the “Contracts”) for trading on the CME Globex electronic trading 

platform (“CME Globex”) and for submission for clearing via CME ClearPort effective Sunday, October 1, 

2023 for trade date Monday, October 2, 2023.

Contract Title Mini Gasoline Eurobob 

Non-Oxy NWE Barges 

(Argus) Futures

Mini Gasoline Eurobob 

Non-Oxy NWE Barges 

(Argus) BALMO Futures

Mini Gasoline Eurobob 

Non-Oxy NWE Barges 

(Argus) Crack Spread 

(100mt) Futures

Commodity Code OMN MBO MCS

Rulebook 

Chapter

1437 1438 1441

Settlement Type Financial

Contract Size 100 metric tons 833 barrels (100 metric 

tons)

Price Quotation U.S. dollars and cents per metric ton U.S. dollars and cents per 

barrel

Minimum Price 

Fluctuation

$0.001 per metric ton $0.001 per barrel

Value per tick $0.10 $0.833

Listing Schedule Monthly contracts listed 

for the current year plus 

an additional three (3) 

consecutive calendar 

years

Monthly contracts listed for 

three (3) consecutive 

months

Monthly contracts listed for 

the current year plus an 

additional three (3) 

consecutive calendar 

years

Block Trade 

Minimum 

Threshold and 

Reporting 

Window

5 contracts – subject to a 15-minute reporting window
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

Contract Title Gasoline Eurobob Non-Oxy NWE 

Barges (Argus) Crack Spread BALMO 

Futures

Singapore Gasoline 92 Unleaded 

(Platts) vs. Gasoline Eurobob Non-Oxy 

NWE Barges (Argus) BALMO Futures

Commodity Code MCE SGO

Rulebook 

Chapter

1443 1025

Settlement Type Financial

Contract Size 1,000 barrels

Price Quotation U.S. dollars and cents per barrel

Minimum Price 

Fluctuation

$0.001 per barrel

Value per tick $1.00

Listing Schedule Monthly contracts listed for three (3) consecutive months

Block Trade 

Minimum 

Threshold and 

Block Reporting 

Window

10 contracts – subject to a 15-minute reporting window

Contract Title Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack 

Spread Average Price Option

Commodity Code EBO

Rulebook Chapter 1026

Settlement Type Physical Exercise into Futures

Contract Size 1,000 barrels

Price Quotation U.S. dollars and cents per barrel

Minimum Price Fluctuation $0.001 per barrel

Value per tick $1.00

Listing Schedule Monthly contracts listed for the current year plus an additional 

three (3) consecutive calendar years

Block Trade Minimum Threshold

and Block Reporting Window 10 contracts – subject to a 15-minute reporting window

Underlying Futures Contract Title / 

Commodity Code

Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread 

Futures / GNS

Strike Price Increment $0.25 per barrel

Strike Price Listing Schedule Minimum at-the-money strike at $0.250 per barrel increment plus 

dynamic strikes at $0.250 per barrel increment

Option Type European Style

Margining Style Equity Style (premium paid up front)

Contract Title Gasoline Eurobob 

Non-Oxy NWE 

Barges (Argus) 

Crack Spread 

(1000mt) Futures

Gasoline Eurobob 

Non-Oxy NWE 

Barges (Argus) 

Crack Spread 

(1000mt) BALMO 

Futures

Gasoline Eurobob 

Non-Oxy NWE 

Barges (Argus) 

vs. European 

Naphtha CIF 

NWE (Platts) 

Futures

Gasoline Eurobob 

Non-Oxy NWE 

Barges (Argus) 

vs. European 

Naphtha CIF 

NWE (Platts) 

BALMO Futures

Commodity Code NBO MCB MCF MCN

Rulebook 

Chapter

1439 1440 1444 1445

Settlement Type Financial

Contract Size 8,330 barrels (1,000 metric tons) 1,000 metric tons

Price Quotation U.S. dollars and cents per barrel U.S. dollars and cents per metric ton
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

3

Minimum Price 

Fluctuation

$0.001 per barrel $0.001 per metric ton

Value per tick $8.33 $1.00

Listing Schedule Monthly contracts 

listed for the 

current year plus 

an additional three 

(3) consecutive 

calendar years

Monthly contracts 

listed for three (3) 

consecutive 

months

Monthly contracts 

listed for the 

current year plus 

an additional three 

(3) consecutive 

calendar years

Monthly contracts 

listed for three (3) 

consecutive 

months

Block Trade 

Minimum 

Threshold and 

Block Reporting 

Window

5 contracts – subject to a 15-minute reporting window

For all contracts:

Termination of 

Trading Last business day of the contract month

Initial Listed 

Month October 2023

CME Globex 

Matching 

Algorithm

First-In, First-Out (FIFO)

Trading and 

Clearing Hours

CME Globex Pre-Open: Sunday 4:00 p.m. - 5:00 p.m. Central Time/CT Monday -

Thursday 4:45 p.m. - 5:00 p.m. CT 

CME Globex: Sunday - Friday 5:00 p.m. CT with a daily maintenance period from 

4:00 p.m. - 5:00 p.m. CT 

CME ClearPort: Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with no reporting Monday 

- Thursday from 4:00 p.m. - 5:00 p.m. CT

The Exchange reviewed the designated contract market core principles (“Core Principles”) as set forth in 

the Commodity Exchange Act (“CEA”) and identified that the Contract may have some bearing on the 

following Core Principles:

• Compliance with Rules: Trading in the Contracts will be subject to the rules in Rulebook Chapter 

4 which includes prohibitions against fraudulent, noncompetitive, unfair, and abusive practices. 

Additionally, trading in this Contract will also be subject to the full range of trade practice rules, the 

majority of which are contained in Chapter 5 and Chapter 8 of the Rulebook. As with all products 

listed for trading on one of CME Group Inc.’s (“CME Group”) designated contract markets, activity 

in this product will be subject to extensive monitoring and surveillance by CME Group’s Market 

Regulation Department. The Market Regulation Department has the authority to exercise its 

investigatory and enforcement power where potential rule violations are identified.

• Contracts Not Readily Subject to Manipulation: The Contracts are not readily subject to 

manipulation because of its structural attributes, underlying market, and reliance on a well 

administered index. The Contracts final settle against an index published by Argus Media and S&P 

Global Platts (“Platts”) and licensed to the Exchange.

• Prevention of Market Disruption: Trading in the Contracts will be subject to Rules of NYMEX, 

which include prohibitions on manipulation, price distortion and disruption to the cash settlement 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

4

process. As with any new product listed for trading on a CME Group designated contract market, 

trading activity in the Contracts proposed herein will be subject to monitoring and surveillance by 

CME Group’s Market Regulation Department.

• Position Limitations or Accountability: The speculative position limits for the Contracts as 

demonstrated in this submission are consistent with the Commission’s guidance.

• Availability of General Information: The Exchange will publish on its website information 

regarding the Contract specifications, terms, and conditions, as well as daily trading volume, open 

interest, and price information.

• Daily Publication of Trading Information: The Exchange will publish the Contracts trading 

volumes, open interest levels, and price information daily on its website and through quote vendors 

for the Contracts.

• Execution of Transactions: The Contracts will be listed for trading on the CME Globex electronic 

trading and for clearing through the CME ClearPort. The CME Globex trading venue provides for 

competitive and open execution of transactions. CME Globex affords the benefits of reliability and 

global connectivity.

• Trade Information: All requisite trade information for the Contracts will be included in the audit trail 

and is sufficient for the Market Regulation Department to monitor for market abuse.

• Financial Integrity of Contract: The Contracts will be cleared by Chicago Mercantile Exchange 

Inc., a derivatives clearing organization registered with the CFTC and subject to all CFTC 

regulations related thereto.

• Protection of Market Participants: NYMEX Rulebook Chapters 4 and 5 set forth multiple 

prohibitions that preclude intermediaries from disadvantaging their customers. These rules apply 

to trading in all of the Exchange’s competitive trading venues and will be applicable to transaction 

in the Contracts.

• Disciplinary Procedures: Chapter 4 of the Rulebook contains provisions that allow the Exchange 

to discipline, suspend, or expel members or market participants that violate the Rulebook. Trading 

in the contracts will be subject to Chapter 4, and the Market Regulation Department has the 

authority to exercise its enforcement power in the event rule violations in the product are identified.

• Dispute Resolution: Disputes with respect to trading in the Contracts will be subject to the 

arbitration provisions set forth in Chapter 6 of the Rulebook. Chapter 6 allows all non-members to 

submit a claim for financial losses resulting from transactions on the Exchange to arbitration. A 

member named as a respondent in a claim submitted by a nonmember is required to participate in 

the arbitration pursuant to Chapter 6. Additionally, the Exchange requires that members resolve 

all disputes concerning transactions on the Exchange via arbitration.

Pursuant to Section 5c(c) of the Act and CFTC Regulation 40.2(a), the Exchange hereby certifies that the 

Contracts comply with the Act, including regulations under the Act. There were no substantive opposing 

views to listing the Contracts. 

The Exchange certifies that this submission has been concurrently posted on the Exchange’s website at 

http://www.cmegroup.com/market-regulation/rule-filings.html. 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

5

Should you have any questions concerning the above, please contact the undersigned at (212) 299-2200 

or e-mail CMEGSubmissionInquiry@cmegroup.com.

Sincerely,

/s/Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A: NYMEX Rulebook Chapters

Exhibit B: Position Limit, Position Accountability, and Reportable Level Table in 

 Chapter 5 of the NYMEX Rulebook (attached under separate cover)

Exhibit C: NYMEX Rule 588.H. – (“Globex Non-Reviewable Trading Ranges”) Table

Exhibit D: Exchange Fees

Exhibit E: NYMEX Rule 300.20. – Strike Price Listing and Exercise Procedures Table

Exhibit F: Cash Market Overview and Analysis of Deliverable Supply
6

EXHIBIT A

NYMEX Rulebook

Chapter 1437

Mini Gasoline Eurobob Non-Oxy NWE Barges (Argus) Futures

1437100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1437101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the arithmetic average of the mid-point of the 

high and low quotations from Argus Media European Products Report under the heading Northwest 

Europe light products and “barge” for Eurobob non-oxy for each business day that it is determined 

during the contract month.

1437102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1437102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1437102.B. Trading Unit

The contract quantity shall be 100 metric tons. Each contract shall be valued as the contract quantity 

(100) multiplied by the settlement price.

1437102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price fluctuation shall 

be $0.001 per metric ton.

1437102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona 

fide commercial purposes shall apply to the Market Regulation Department on forms provided by the 

Exchange, and the Market Regulation Department may grant qualified exemptions in its sole 

discretion. Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1437102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1437103. FINAL SETTLEMENT

Delivery under the contract shall be by cash settlement. Final settlement will be based on the 

Floating Price. The final settlement price will be the Floating Price calculated for each contract. 

1437104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
7

Chapter 1438

Mini Gasoline Eurobob Non-Oxy NWE Barges (Argus) BALMO Futures

1438100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1438101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the balance of month arithmetic average of 

the mid-point of the high and low quotations from Argus Media European Products Report under the 

heading Northwest Europe light products and “barge” for Eurobob non-oxy for each business day 

that it is determined during the contract month, starting from the selected date through the end of the 

contract month inclusive.

1438102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1438102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1438102.B. Trading Unit

The contract quantity shall be 100 metric tons. Each contract shall be valued as the contract quantity 

(100) multiplied by the settlement price.

1438102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price fluctuation shall 

be $0.001 per metric ton.

1438102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona 

fide commercial purposes shall apply to the Market Regulation Department on forms provided by the 

Exchange, and the Market Regulation Department may grant qualified exemptions in its sole 

discretion. Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1438102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1438103. FINAL SETTLEMENT

Delivery under the contract shall be by cash settlement. Final settlement will be based on the 

Floating Price. The final settlement price will be the Floating Price calculated for each contract. 

1438104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
8

Chapter 1439

Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread (1000mt) Futures

1439100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1439101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the arithmetic average of the mid-point of the 

high and low quotations from Argus Media European Products Report under the heading Northwest 

Europe light products and “barge” for Eurobob non-oxy minus the ICE Brent Crude Oil Futures first 

nearby contract settlement price for each business day during the contract month (using noncommon pricing). 

The settlement price of the first nearby Brent Crude Oil futures contract month will be used except 

on the last day of trading for the expiring Brent crude oil futures contract when the settlement price 

of the second nearby contract month will be used. For the purposes of determining the Floating Price, 

the Argus Eurobob Oxy assessment price will be converted each day to U.S dollars and cents per 

barrel, rounded to the nearest cent. The conversion factor will be 8.33 barrels per metric ton.

1439102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1439102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1439102.B. Trading Unit

The contract quantity shall be 8,330 barrels (1000 metric tons). Each contract shall be valued as the 

contract quantity (8,330) multiplied by the settlement price.

1439102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be 

$0.001 per barrel.

1439102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona 

fide commercial purposes shall apply to the Market Regulation Department on forms provided by the 

Exchange, and the Market Regulation Department may grant qualified exemptions in its sole 

discretion. Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1439102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1439103. FINAL SETTLEMENT

Delivery under the contract shall be by cash settlement. Final settlement will be based on the 

Floating Price. The final settlement price will be the Floating Price calculated for each contract. 

1439104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
9

Chapter 1440

Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread (1000mt) BALMO 

Futures

1440100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1440101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the balance of month arithmetic average of 

the mid-point of the high and low quotations from Argus Media European Products Report under the 

heading Northwest Europe light products and “barge” for Eurobob non-oxy minus the ICE Brent 

Crude Oil Futures first nearby contract settlement price for each business day during the contract 

month (using non-common pricing), starting from the selected date through the end of the contract 

month inclusive.

The settlement price of the first nearby Brent Crude Oil futures contract month will be used except 

on the last day of trading for the expiring Brent crude oil futures contract when the settlement price 

of the second nearby contract month will be used. For the purposes of determining the Floating Price, 

the Argus Eurobob Oxy assessment price will be converted each day to U.S dollars and cents per 

barrel, rounded to the nearest cent. The conversion factor will be 8.33 barrels per metric ton.

1440102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1440102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1440102.B. Trading Unit

The contract quantity shall be 8,330 barrels (1000 metric tons). Each contract shall be valued as the 

contract quantity (8,330) multiplied by the settlement price.

1440102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be 

$0.001 per barrel.

1440102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona 

fide commercial purposes shall apply to the Market Regulation Department on forms provided by the 

Exchange, and the Market Regulation Department may grant qualified exemptions in its sole 

discretion. Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1440102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1440103. FINAL SETTLEMENT

Delivery under the contract shall be by cash settlement. Final settlement will be based on the 

Floating Price. The final settlement price will be the Floating Price calculated for each contract. 

1440104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
10

Chapter 1441

Mini Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread (100mt) 

Futures

1441100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1441101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the arithmetic average of the mid-point of the 

high and low quotations from Argus Media European Products Report under the heading Northwest 

Europe light products and “barge” for Eurobob non-oxy minus the ICE Brent Crude Oil Futures first 

nearby contract settlement price for each business day during the contract month (using noncommon pricing). 

The settlement price of the first nearby Brent Crude Oil futures contract month will be used except 

on the last day of trading for the expiring Brent crude oil futures contract when the settlement price 

of the second nearby contract month will be used. For the purposes of determining the Floating Price, 

the Argus Eurobob Oxy assessment price will be converted each day to U.S dollars and cents per 

barrel, rounded to the nearest cent. The conversion factor will be 8.33 barrels per metric ton.

1441102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1441102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1441102.B. Trading Unit

The contract quantity shall be 833 barrels (100 metric tons). Each contract shall be valued as the 

contract quantity (833) multiplied by the settlement price.

1441102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be 

$0.001 per barrel.

1441102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona 

fide commercial purposes shall apply to the Market Regulation Department on forms provided by the 

Exchange, and the Market Regulation Department may grant qualified exemptions in its sole 

discretion. Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1441102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1441103. FINAL SETTLEMENT

Delivery under the contract shall be by cash settlement. Final settlement will be based on the 

Floating Price. The final settlement price will be the Floating Price calculated for each contract. 

1441104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
11

Chapter 1443

Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread BALMO Futures

1443100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1443101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the balance of month arithmetic average of 

the mid-point of the high and low quotations from Argus Media European Products Report under the 

heading Northwest Europe light products and “barge” for Eurobob non-oxy minus the ICE Brent 

Crude Oil Futures first nearby contract settlement price for each business day during the contract 

month (using non-common pricing), starting from the selected date through the end of the contract 

month inclusive.

The settlement price of the first nearby Brent Crude Oil futures contract month will be used except 

on the last day of trading for the expiring Brent crude oil futures contract when the settlement price 

of the second nearby contract month will be used. For the purposes of determining the Floating Price, 

the Argus Eurobob Oxy assessment price will be converted each day to U.S dollars and cents per 

barrel, rounded to the nearest cent. The conversion factor will be 8.33 barrels per metric ton.

1443102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1443102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1443102.B. Trading Unit

The contract quantity shall be 1,000 barrels. Each contract shall be valued as the contract quantity 

(1,000) multiplied by the settlement price.

1443102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be 

$0.001 per barrel.

1443102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona 

fide commercial purposes shall apply to the Market Regulation Department on forms provided by the 

Exchange, and the Market Regulation Department may grant qualified exemptions in its sole 

discretion. Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1443102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1443103. FINAL SETTLEMENT

Delivery under the contract shall be by cash settlement. Final settlement will be based on the 

Floating Price. The final settlement price will be the Floating Price calculated for each contract. 

1443104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
12

Chapter 1444

Gasoline Eurobob Non-Oxy NWE Barges (Argus) vs. European Naphtha CIF NWE 

(Platts) Futures

1444100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1444101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the arithmetic average of the mid-point 

between the high and low quotations from Argus Media for "Eurobob Non-Oxy barges" under the 

heading Northwest Europe light products in the European Products Report minus the arithmetic 

average of the high and low quotations from the Platts European Marketscan for Northwest Europe 

Naphtha Physical under the heading "Cargoes CIF NWE basis ARA" price for each business day 

during the contract month (using non-common pricing). The Floating Price is calculated using noncommon pricing convention.

In calculating the spread differential the monthly average for each component leg of the spread, 

followed by the calculation of the spread differential between the two averages. 

1444102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1444102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1444102.B. Trading Unit

The contract quantity shall be 1,000 metric tons. Each contract shall be valued as the contract 

quantity (1000) multiplied by the settlement price.

1444102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price fluctuation shall 

be $0.001 per metric ton.

1444102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona 

fide commercial purposes shall apply to the Market Regulation Department on forms provided by the 

Exchange, and the Market Regulation Department may grant qualified exemptions in its sole 

discretion. Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1444102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1444103. FINAL SETTLEMENT

Delivery under the contract shall be by cash settlement. Final settlement will be based on the 

Floating Price. The final settlement price will be the Floating Price calculated for each contract. 

1444104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
13

Chapter 1445

Gasoline Eurobob Non-Oxy NWE Barges (Argus) vs. European Naphtha CIF NWE 

(Platts) BALMO Futures

1445100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1445101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the balance of month arithmetic average of 

the mid-point between the high and low quotations from Argus Media for "Eurobob Non-Oxy barges" 

under the heading Northwest Europe light products in the European Products Report minus the 

arithmetic average of the high and low quotations from the Platts European Marketscan for Northwest 

Europe Naphtha Physical under the heading "Cargoes CIF NWE basis ARA" price from the selected 

start date through to the end of the month (using non-common pricing). The Floating Price is 

calculated using non-common pricing convention. 

In calculating the spread differential, the monthly average for each component leg of the spread, 

followed by the calculation of the spread differential between the two averages. 

1445102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1445102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1445102.B. Trading Unit

The contract quantity shall be 1,000 metric tons. Each contract shall be valued as the contract 

quantity (1000) multiplied by the settlement price.

1445102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per metric ton. The minimum price fluctuation shall 

be $0.001 per metric ton.

1445102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona 

fide commercial purposes shall apply to the Market Regulation Department on forms provided by the 

Exchange, and the Market Regulation Department may grant qualified exemptions in its sole 

discretion. Refer to Rule 559 for requirements concerning the aggregation of positions and allowable

exemptions from the specified position limits.

1445102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1445103. FINAL SETTLEMENT

Delivery under the contract shall be by cash settlement. Final settlement will be based on the 

Floating Price. The final settlement price will be the Floating Price calculated for each contract. 

1445104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
14

Chapter 1025

Singapore Gasoline 92 Unleaded (Platts) vs. Gasoline Eurobob Non-Oxy NWE 

Barges (Argus) BALMO Futures

1025100. SCOPE OF CHAPTER

The provisions of these rules shall apply to all futures contracts bought or sold on the Exchange for 

cash settlement based on the Floating Price. The procedures for trading, clearing and cash 

settlement of this contract, and any other matters not specifically covered herein shall be governed 

by the general rules of the Exchange.

1025101. CONTRACT SPECIFICATIONS

The Floating Price for each contract month is equal to the balance of month arithmetic average of 

the mid-point of the high and low quotations from the Platts Asia-Pacific/Arab Gulf Marketscan for 

Gasoline 92 unleaded under the heading Singapore minus the arithmetic average of the mid-point of 

the high and low quotations for Argus Media for Gasoline Eurobob Non-Oxy NWE Barges for each 

business day from the selected date through to the end of the contract month (using noncommon 

pricing). In all cases, for the purpose of determining the Floating Price, the Argus Gasoline Eurobob 

Non-Oxy assessment will be converted each day to U.S dollars and cents per barrel, rounded to the 

nearest cent using a conversion factor of 8.33 barrels per metric ton. The Floating Price is calculated 

using the non-common pricing convention. 

In calculating the spread differential, the monthly average for each component leg of the spread shall 

be calculated by using all trading days in the month for each component leg of the spread, followed 

by the calculation of the spread differential between the two averages.

1025102. TRADING SPECIFICATIONS

The number of months open for trading at a given time shall be determined by the Exchange.

1025102.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1025102.B. Trading Unit

The contract quantity shall be 1,000 barrels. Each contract shall be valued as the contract quantity 

(1,000) multiplied by the settlement price.

1025102.C. Price Increments

Prices shall be quoted in U.S. dollars and cents per barrel. The minimum price fluctuation shall be

$0.001 per barrel.

1025102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. A Person seeking an exemption from position limits for bona 

fide commercial purposes shall apply to the Market Regulation Department on forms provided by the 

Exchange, and the Market Regulation Department may grant qualified exemptions in its sole 

discretion. Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1025102.E. Termination of Trading

Trading shall cease on the last business day of the contract month.

1025103. FINAL SETTLEMENT

Delivery under the contract shall be by cash settlement. Final settlement will be based on the 

Floating Price. The final settlement price will be the Floating Price calculated for each contract. 

1025104. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
15

Chapter 1026

Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread

Average Price Option

1026100. SCOPE OF CHAPTER

This chapter is limited in application to put and call options on Gasoline Eurobob Non-Oxy NWE 

Barges (Argus) Crack Spread futures contracts. In addition to the rules of this chapter, transactions 

in options on Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread futures shall be subject 

to the general rules of the Exchange insofar as applicable.

1026101. OPTION CHARACTERISTICS

The number of months open for trading at a given time shall be determined by the Exchange.

1026101.A. Trading Schedule

The hours of trading for this contract shall be determined by the Exchange.

1026101.B. Trading Unit

A Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread Average Price Call Option traded 

on the Exchange represents the differential between the underlying spread and the strike price, 

multiplied by 1,000 barrels, or zero, whichever is greater. The underlying spread is equal to the 

arithmetic average of the mid-point between the high and low quotations from Argus Media for 

Gasoline Eurobob Non-Oxy NWE Barges minus the Brent Crude Oil (ICE) Futures contract first 

nearby settlement price for each business day during the contract month (using non-common pricing), 

except for (A) below. For purposes of determining the Floating Price, the gasoline assessment price 

will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent. The 

conversion factor will be 8.33 barrels per metric ton. (A) The settlement prices of the 1st nearby 

contract month will be used except on the last day of trading for the expiring Brent Crude Oil Futures 

contract when the settlement prices of the 2nd nearby contract will be used. The underlying spread 

is also the final settlement price of the underlying Gasoline Eurobob Non-Oxy NWE Barges (Argus) 

Crack Spread futures. 

A Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread Average Price Put Option traded 

on the Exchange represents the differential between the strike price and the underlying spread, 

multiplied by 1,000 metric tons, or zero, whichever is greater. The underlying spread is equal to the 

arithmetic average of the mid-point between the high and low quotations from Argus Media for 

Gasoline Eurobob Non-Oxy NWE Barges minus the Brent Crude Oil (ICE) Futures contract first 

nearby settlement price for each business day during the contract month (using non-common pricing), 

except for (A) below. For purposes of determining the Floating Price, the gasoline assessment price 

will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent. The 

conversion factor will be 8.33 barrels per metric ton. (A) The settlement prices of the 1st nearby 

contract month will be used except on the last day of trading for the expiring Brent Crude Oil Futures 

contract when the settlement prices of the 2nd nearby contract will be used.

1026101.C. Price Increments

Prices shall be quoted in dollars and cents per barrel and prices shall be in multiples of $0.001 per 

barrel. The minimum price increment will be $0.001.

1026101.D. Position Limits, Exemptions, Position Accountability and Reportable Levels

The applicable position limits and/or accountability levels, in addition to the reportable levels, are set 

forth in the Position Limit, Position Accountability and Reportable Level Table in the Interpretations 

& Special Notices Section of Chapter 5. 

A Person seeking an exemption from position limits for bona fide commercial purposes shall apply 

to the Market Regulation Department on forms provided by the Exchange, and the Market Regulation 

Department may grant qualified exemptions in its sole discretion.

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable 

exemptions from the specified position limits.

1026101.E. Termination of Trading

The option contract shall expire at the close of trading on the last business day of the contract month.

1026101.F. Type Option

The option is a European-style option which can be exercised only on the expiration day.
16

1026102. EXERCISE PRICES

Transactions shall be conducted for option contracts as set forth in Rule 300.20.

1026103. DISCLAIMER

See NYMEX/COMEX Chapter iv. (“DISCLAIMERS”) incorporated herein by reference.
17

EXHIBIT B

NYMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

Position Limit, Position Accountability, and Reportable Level Table 

(under separate cover)
18

EXHIBIT C

NYMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

NYMEX Rule 588.H. – (“Globex Non-Reviewable Trading Ranges”) Table

(additions underscored)

 Outright

Instrument Name Globex

Symbol

Globex

Non-Reviewable

Ranges

(NRR)

NRR:

Globex

Format

 

NRR:

Ticks

Mini Gasoline Eurobob 

Non-Oxy NWE Barges 

(Argus) Futures

OMN $2.00 per metric ton 2000 2000

Mini Gasoline Eurobob 

Non-Oxy NWE Barges 

(Argus) BALMO Futures

MBO $2.00 per metric ton 2000 2000

Gasoline Eurobob NonOxy NWE Barges (Argus) 

Crack Spread (1000mt) 

Futures

NBO $1.00 per barrel 1000 1000

Gasoline Eurobob NonOxy NWE Barges (Argus) 

Crack Spread (1000mt) 

BALMO Futures

MCB $1.00 per barrel 1000 1000

Mini Gasoline Eurobob 

Non-Oxy NWE Barges 

(Argus) Crack Spread 

(100mt) Futures

MCS $1.00 per barrel 1000 1000

Gasoline Eurobob NonOxy NWE Barges (Argus) 

Crack Spread BALMO 

Futures

MCE $1.00 per barrel 1000 1000

Gasoline Eurobob NonOxy NWE Barges (Argus) 

vs European Naphtha CIF 

NWE (Platts) Futures

MCF $2.00 per metric ton 200 200

Gasoline Eurobob NonOxy NWE Barges (Argus) 

vs European Naphtha CIF 

NWE (Platts) BALMO 

Futures

MCN $2.00 per metric ton 200 200

Singapore Gasoline 92 

Unleaded (Platts) vs 

Gasoline Eurobob NonOxy NWE Barges (Argus) 

BALMO Futures

SGO $1.00 per barrel 1000 1000
19

Gasoline Eurobob NonOxy NWE Barges (Argus) 

Crack Spread Average 

Price Option

EBO

The greater of the following:

• Delta multiplied by 

the underlying 

futures nonreviewable range

• 20% of premium up 

to 1⁄4 of the 

underlying futures 

non-reviewable 

range

• 5 ticks
20

EXHIBIT D

Exchange Fees

OMN, MBO, and MCS

Exchange Fees Member Non-Member

CME Globex $0.80 $1.00

EFP $0.80 $1.00

Block $0.80 $1.00

EFR/EOO $0.80 $1.00

Processing Fees

Cash Settlement $0.10

Facilitation Fee $0.60

Give-Up Surcharge $0.05

Position Adjustment/Position 

Transfer $0.10

MCE, SGO, and EBO

Exchange Fees Member Non-Member

CME Globex $0.85 $1.25

EFP $0.85 $1.25

Block $0.85 $1.25

EFR/EOO $0.85 $1.25

Processing Fees

Cash Settlement $0.10

Facilitation Fee $0.60

Give-Up Surcharge $0.05

Position Adjustment/Position 

Transfer $0.10

NBO, MCB, MCF, and MCN

Exchange Fees Member Non-Member

CME Globex $7.00 $9.00

EFP $7.00 $9.00

Block $7.00 $9.00

EFR/EOO $7.00 $9.00

Processing Fees

Cash Settlement $1.00

Facilitation Fee $0.60

Give-Up Surcharge $0.05

Position Adjustment/Position 

Transfer $0.10
21

EXHIBIT E

NYMEX Rulebook

Chapter 300

(“Options Contracts”)

NYMEX Rule 300.20. – Strike Price Listing and Exercise Procedure Table 

CME 

Globex 

Code

Product 

Name

Product 

Group

Product 

Subgroup Exchange Rulebook Chapter

Strike 

Price 

Listing 

Rule

Option 

Style

Contrary 

Instructions

Exact At-TheMoney 

Characteristics

Underlying 

Commodity 

Code

Underlying 

Product 

Name

EBO

Gasoline 

Eurobob 

Non-Oxy 

NWE 

Barges 

(Argus) 

Crack 

Spread 

Average 

Price 

Option

Energy Refined 

Products NYMEX 1026

Minimum 

at-themoney 

strike at

$0.250 per 

barrel 

increment 

plus 

dynamic 

strikes at 

$0.250 per 

barrel 

increment.

European

Yes - Until 

3:30 p.m. 

CT

Exercise Calls.

Abandon Puts. GNS

Gasoline 

Eurobob 

Non-Oxy 

NWE Barges 

(Argus) Crack 

Spread 

Futures
22

EXHIBIT F

Cash Market Overview and Deliverable Supply Analysis

The Exchange will list ten (10) European gasoline futures and option contracts as provided in Table 1. 

below.

Table 1.

Contract Title Commodity 

Code

Rulebook 

Chapter

Mini Gasoline Eurobob Non-Oxy NWE Barges (Argus) Futures OMN 1437

Mini Gasoline Eurobob Non-Oxy NWE Barges (Argus) BALMO 

Futures MBO 1438

Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread 

(1000mt) Futures

NBO 1439

Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread 

(1000mt) BALMO Futures

MCB 1440

Mini Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread 

(100mt) Futures

MCS 1441

Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread 

BALMO Futures

MCE 1443

Gasoline Eurobob Non-Oxy NWE Barges (Argus) vs. European 

Naphtha CIF NWE (Platts) Futures

MCF 1444

Gasoline Eurobob Non-Oxy NWE Barges (Argus) vs. European 

Naphtha CIF NWE (Platts) BALMO Futures

MCN 1445

Singapore Gasoline 92 Unleaded (Platts) vs. Gasoline Eurobob 

Non-Oxy NWE Barges (Argus) BALMO Futures

SGO 1025

Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread 

Average Price Option

EBO 1026

The Exchange has reviewed the cash market applicable to the Contracts, namely the Eurobob Non-Oxy 

gasoline, Brent crude oil, European Naphtha, and Singapore gasoline 92 RON.

Data Sources:

Data provided by Eurostat was used as the basis of the analysis for Eurobob non-oxy gasoline and 

European naphtha. Eurostat is compiled by the statistical office of the European Union and aims to provide 

the EU with accurate statistics that enable comparisons between countries and regions. The statistical 

authorities in each individual member state are responsible for collecting the data. After verification and 

analysis, the individual authorities send the data to Eurostat who consolidate such data. In addition, 

Eurostat ensures that all parties are employing the same methodology in collecting and reporting data. The 

Exchange determined to use Eurostat data for sulphur content of gasoline in Northwest Europe because of 

the highly specialized statistical categories collected by Eurostat.

Bloomberg data was used as the basis of the analysis for Brent. They provide data on the loaded volumes 

for all the North Sea crude oil grades including those that are included in the current Brent basket of crudes 

(Brent, Forties, Oseberg, Ekofisk and Troll). The data is shown by calendar month. To account for the 

inclusion of WTI Midland, the U.S. EIA data for U.S. crude exports was used in addition to the Brent crude 

loaded volumes. 

Joint Oil Data Initiative (JODI) provides monthly oil assessment data from the global oil market to improve 

data transparency within the global oil market. The JODI data has been used to calculate the volume of 

exports for gasoline from Singapore as part of this analysis of deliverable supply. 
23

European Environment Agency is a governmental body in charge of environmental policy for Europe. 

The agency works closely with 33-member countries and gathers data and produces assessments on a 

wide range of topics related to the environment. They produce the European Fuels Quality Report which 

the Exchange has used as the basis of calculation for the E10 in this analysis.

The EIA is the principal agency of the U.S. Federal Statistical System responsible for collecting, analyzing 

and disseminating energy information to promote sound policymaking, efficient markets, and public 

understanding of energy and its interaction with the economy and the environment. The EIA provides a 

wide range of information and data covering Energy Production, Consumption, Stocks, Demand, Imports, 

Exports and Prices and prepares ad-hoc special reports on topics of interest on a periodic basis. The U.S.

EIA data was also used for the calculation of the total exports of U.S. crude to northwest Europe. 

Argus was founded in 1970 and is a privately held UK-registered company. It is owned by staff 

shareholders and global growth equity firm General Atlantic. Argus is a leading provider of data on prices 

and fundamentals, news, analysis, consultancy services and conferences for the global crude, oil products, 

LPG, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical, metals and transportation 

industries. Data provided by Argus are widely used for indexation of physical trade. Companies, 

governments and international agencies use Argus information for analysis and planning purposes. Argus’ 

assessment methodology for the Northwest European Eurobob non-oxy Gasoline market is available on 

the Argus website.

Platts is a leading Oil Price Reporting Agency that provides price assessments to the Energy industry and 

beyond to help to determine the value of the key Crude Oil and Refined Products. They are also involved 

in the price assessment process for Natural Gas, LNG and Power. Platts is one of the major pricing services 

used in the OTC market for the pricing of swap contracts, and the methodology utilized by Platts is wellknown in the oil industry. Their pricing methodology is derived from telephone surveys and electronic data 

collected from multiple market participants to determine market value. Platts has a long-standing reputation 

in the industry for price benchmarks that are fair and not manipulated. NYMEX is a party to a license 

agreement with Platts to utilize their pricing data.

NYMEX

CME, CBOT, NYMEX and COMEX are separate CFTC-registered and regulated Designated Contract 

Markets (DCMs) with self-regulatory responsibilities. The NY RBOB Gasoline futures contract is traded on 

NYMEX, which became part of CME Group in 2008. The contract is subject to NYMEX rules and 

regulations.

European gasoline

Motor gasoline is a major road transport fuel and the ethanol content being blended into it is increasing, in 

part due to tightening European environmental regulations. Since 2009, some European countries have 

been introducing higher blends of ethanol into their gasoline supply. In Northwest Europe, the majority of 

member states in the European Union have converted from a 5% (E5) to a 10% (E10) ethanol blend in 

gasoline.

The blendstock for E10 gasoline is non-oxygenated whereas the E5 market is an oxygenated market. In 

the case of E10, the ethanol is blended at the point of supply. The European market is a significant 

consumer of gasoline, however significant volumes are exported to the United States and increasingly into 

West Africa as their economy continues to develop. European gasoline is priced in USD and cents per 

metric ton. The standardized conversion factor between barrels and metric tons is 8.33 barrels per ton.

The Eurobob non-oxy is similar in quality to the U.S. RBOB gasoline market as the makeup of the 

blendstock is broadly equivalent, particularly with respect to the ethanal content. As a result, cargoes 

exported to the U.S. can be blended to finished grade gasoline on arrival into the U.S. 
24

The EU has stipulated that the share of renewables in road transport should reach 14% by 2030 and 

products like renewable ethanol (typically produced from biomass) could play a significant role in reaching 

the higher blending target. European figures for 2021 show that around 9% of renewables were used in 

road transport.

1 The northwest European market is comprised of domestic production and imports. The 

Exchange has defined northwest Europe as Belgium, France, Germany, and the Netherlands. Total 

production and import volumes over the 3-year period to February 2023 was around 1.71 million tons per 

month. A reduction of 50% has been applied to the France data to reflect northwest Europe with the 

remainder considered as the Mediterranean. The data is shown in Appendix A.

The split between E5 and E10 gasoline varies by country so the Exchange has relied on estimates by 

ePure, the renewable ethanol association. The European Union collates data on the volume of E5 and E10 

sold across the member states and the exchange has used this data for the period of 2019 to 2021, the 

latest period available. The data is shown in the tables below. The figures are gathered from each of the 

petrol retailer associations in each country and the data is based on a sample over a period of months to 

determine the approximate share of E5 and E10 gasoline of the total sales in each country.

Table 2: Volume of sales of E5 and E10 gasoline

Units: metric tons

Source: European Environmental Agency (Fuel Quality Monitoring in the EU report)

20212 E10 E5 Total Petrol E10 share of gasoline sales

Belgium 1,551,387 422,133 1,973,520 79%

France 4,561,999 4,140,041 8,969,697 51%

Germany 2,825,933 12,761,880 16,514,582 17%

Netherlands 3,688,630 131,000 3,819,630 97%

20203 E10 E5 Total Petrol E10 share of gasoline sales

Belgium 1,266,992 353,923 1,620,915 78%

France 3,574,561 3,650,142 7,496,189 48%

Germany 2,256,274 13,124,861 16,259,058 14%

Netherlands 3,583,000 120,000 3,703,000 97%

20194 E10 E5 Total Petrol E10 share of gasoline sales

Belgium 1,538,546 392,496 1,931,042 80%

France 4,084,206 4,453,856 8,792,631 46%

Germany 2,464,388 14,668,534 17,965,914 14%

Netherlands 4,328,000 66,000 4,394,000 98%

1 https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20230123-

2#:~:text=In%202021%2C%20the%20share%20of,of%20energy%20from%20renewable%20sources.

2 ET-CM Report 2021 https://www.eionet.europa.eu/etcs/etc-cm/products/etc-cm-report-2023-

01/@@download/file/ETC%20Report%202023-01.pdf

3 ETC-CM Report 2020 https://www.eionet.europa.eu/etcs/etc-cm/products/etc-cme-report-11-2021-fuel-quality-monitoring-in-theeu-in-2020/@@download/file/ETC_CME_Report_11-2021_final%20update%2020230509.pdf

4 ETC-CM Report 2019

https://www.eionet.europa.eu/etcs/etc-cme/products/etc-cme-reports/etc-cme-report-1-2021-fuel-quality-monitoring-in-the-eu-in2019/@@download/file/ETC-CME_EIONET_report_01_2021_2.pdf
25

Using the three-year average volumes in the table above, the Exchange has applied a reduction of 20% to 

Belgium, 85% to Germany, 50% to France and has not applied a reduction to the Dutch volumes shown in 

Appendix 1 below. The reduction has been applied to both the production and import volumes for each 

country.

Brent Crude Oil

Market overview

The North Sea market is comprised of a series of smaller oil fields in the UK and Norwegian North oil 

sectors. Each of the “satellite fields” connect into the large production systems such as Brent, Forties, 

Oseberg or Ekofisk. Norwegian crude oil Troll was added to the basket of Brent deliverable streams from 

January 2018.

The most important streams in the North Sea are Brent, Forties, Oseberg, Ekofisk and Troll. Each stream 

has a main operator that is responsible for the day-to-day control of the operations, including the scheduling 

of the cargoes based on the production from each of the smaller producing fields. The Brent, Forties, 

Oseberg, Ekofisk and Troll fields collectively known as BFOET underpin the Brent complex. These crude 

grades make up the trading of Dated Brent – the international crude oil physical benchmark price. Brent 

and Forties lie in the UK sector of the North Sea with Ekofisk, Oseberg and Troll in the Norwegian sector.

Production of BFOET has been declining over the past few years due to the cost of drilling and the returns 

on investment compared to other regions in the world. This was one of the main reasons why the Troll 

crude stream was added to the Brent basket. All the Brent grades are segregated blends delivered at 

different locations in the North Sea, and each can be substituted by the seller in the BFOET cash market 

(“the forward market”).

The interplay of forward, futures and dated Brent prices is expressed as a series of traded derivatives such 

as Contract for Differences (“CFDs”), dated to frontline (“DFLs”) futures and the exchange of futures for 

physicals or EFPs. This mix of derivatives markets allows for different price risks to be fully hedged in liquid 

markets and supported the further development of dated Brent as a benchmark price. CME Group lists 

Brent CFDs, which trade up to 13 weeks ahead, and the DFLs for the current year plus an additional 5 

consecutive calendar years starting from the next calendar month. In March 2023, the quoted forward 

months in the cash BFOET market are May, June and July and rolls to June, July, and August on the 1st 

of April 2023. Platts assess the cash BFOET market at regular timestamps throughout the trading day from 

10:30am to 19:30 London time.

Cash Brent is the core of the forward market. Cargoes are traded as monthly contracts and do not have 

specific loading dates attached to them. In other words, the cargoes represent the value of cash Brent for 

Brent, Forties, Oseberg, Ekofisk, Troll and the soon to be added WTI Midland for a specific delivery month. 

The seller has the right to nominate to the buyer of a forward cash BFOET cargo, one of the cargoes within 

the Brent basket including WTI Midland on a month ahead basis. At this point, cargoes are traded with 

loading dates attached and therefore, are traded as a dated Brent or dated BFOET (plus Midland cargo).

The inclusion of WTI Midland has enabled seller’s option to deliver the grade under the terms of the forward 

contract.

The cash Brent market is essentially a reseller market where buyers either: resell the oil to someone else; 

transport the cargo and resell it later; or transport the cargo to consume it. This creates chains of contracts, 

sometimes referred to as “chaining.” Typically, there is a chronology of sales and purchases of crude oil in 

the Brent cash market that starts with a sale from the equity producer in a spot market transaction and 

finishes with a purchase by an end-user to consume the crude oil. Equity producers typically utilize the 

robust spot market to sell their BFOET production at the cargo loading terminal, as a Free on Board (“FOB”) 

delivery. Most of the sales in the Brent market are conducted as spot-market transactions; in fact, Brent 

cargoes in the physical market are estimated to trade 10 or more times. Traders play an active role in the 

Brent market as middlemen with the expressed responsibility of reselling the oil. Further, the refiners 
26

typically rely on the spot market to purchase Brent crude oil, because there is vibrant liquidity in the spot 

market, and hence, the refiners have developed a preference for short-term spot market purchases, rather 

than long-term contracts. This applies to refiners affiliated with equity producers as well as those not 

affiliated; this is the standard practice, established and institutionalized since the inception of the Brent 

market in 1988.

To account for the nomination of WTI Midland crude oil into the Brent market, the size of each cargo 

assessed has been increased from 600,000 to 700,000 barrels to reflect the growing volume of export 

cargoes from the US Gulf coast.

In the cash Brent forward market, precise loading dates are not provided with cargoes labelled as June 

BFOET including WTI Midland for example. However, the commercial contracts, which are standardized, 

underlying the forward market to specify the minimum notification a seller must provide to a buyer is 10 

days, but the standard range is between 10 days and month ahead. After a holder of a BFOET, including 

WTI Midland, forward notifies the buyer as to the loading date and which stream is being loaded, the 

contract is now considered to have moved from the forward market to the Dated Brent market. Historically 

this moment is referred to as the cargo going “wet.” In other words, it has loading dates attached to it and 

can therefore be sold as a Dated Brent cargo.

Quality adjustments ensure that all the North Sea grades (including WTI Midland) can be delivered to a 

buyer under the standardized forward contract. There are no plans at this point to include a quality 

adjustment for WTI Midland crude oil. The process of moving from a forward to the physical market where 

a forward cargo becomes a physical North Sea Dated Brent cargo happens as follows:

1. Refiners, producers, and traders enter into a forward agreement for a specific month.

2. For the North Sea grades, the relevant operator of each field will announce the loading programs 

for each contract month a few days prior to the beginning of the month (one month prior) to each 

loading month (i.e. cargoes in the delivery month start to load).

3. For example, for a June 2023 contract month, the field operators will announce the loading 

schedules a few days prior to the beginning of April 2023. The equity producers will begin the chain 

of nominating cargoes to buyers (or they can decide to keep the cargo). A buyer benefiting from a 

nomination can keep the cargo or pass it to another player with whom it has another forward 

contract.

4. Buyers trade the cash BFOET plus WTI Midland on the basis that they will accept any cargo as 

nominated, provided it is done so within the agreed notice period (10 days to month ahead) by 4pm 

London time. Any cargo not nominated by this time will remain with the participant last notified. 

After 4pm London time, the cargo becomes wet physical with precise loading dates attached.

5. Cargoes that are wet physical will be sold as a Dated Brent cargo with cargo loading dates between 

10 days and month ahead (forward).

6. Cargoes of WTI Midland are included as one of the delivery grades into the forward market from 

the June 2023 cash month. Cargoes that are nominated on a CIF delivered Rotterdam basis will 

have a Freight Adjustment Factor (FAF) applied which allows CIF and FOB cargoes to play an 

equivalent role in the Dated market. Since WTI Midland loads in the US Gulf Coast, Platts will 

determine the value of an FOB North Sea cargo of the grade based on 80% of the freight costs for 

a cargo loading on equivalent dates in the North Sea. For WTI Midland, this FAF will be applied to 

the sum of the cargo’s freight rate from an average of the five established Dated Brent North Sea 

terminals to Rotterdam and associated port fees.

7. To accommodate the delivery of WTI Midland, S&P Global Platts (“Platts”) are in discussions with 

some of the terminal operators in the WTI Midland crude system to include them into its Dated 

Brent and cash BFOE market on close assessment process for June 2023. Where a terminal is 

included, a seller would nominate WTI Midland meeting the Platts specification loaded from a 
27

specific terminal for inclusion into the Dated Brent/cash BFOET assessment starting with the June 

2023 delivery period. This also mirrors the same process that occurs at all the North Sea terminals. 

The inclusion of a US terminal is not a pre-requisite to enable the delivery of WTI Midland into the 

Brent delivery process.

The terms which govern the trading in the cash Brent contract are based on the General Terms and 

Conditions (GT&Cs) from Shell Supply and Trading. The terms are referred to under SUKO 90 as Stasco 

BFOETM 2022 which become effective from the June 2023 delivery month. The revised terms allow for the 

delivery of WTI Midland under the forward contract.

The quality of the Forties crude oil stream changed in 2007 when sour crude Buzzard began flowing into 

the blend that was delivered to the terminal. Buzzard remains the largest field within the forties pipeline 

system (FPS). Buzzard crude oil is a medium gravity, sour crude oil with an API of 32.6° and a sulphur 

content of 1.44% and therefore the yield is very similar to that of Urals crude. INEOS FPS produces a 

monthly blend quality on a forward basis as laid out in the table below. They also provide indications to the 

market about the volume of forties crude oil that is expected to be made available on receipt of the data 

from all of the individual field operators within the FPS (see table below).

Within the North Sea and beyond, grades are traded as a differential to Dated Brent or as a differential to 

cash Brent (BFOET). Each of the crude oil grades within BFOET are not the same quality, several 

adjustments have been made. In 2007 Platts included a sulphur de-escalator for Forties crude oil within its 

Dated Brent and Brent related instruments. The change was made in response to inclusion of sour crude 

Buzzard into the Forties pipeline system (see Table 1). The de-escalator of price is applied to deliveries 

above a minimum sulphur level of 0.6%.

Every month, Platts establishes a USD and cents value de-escalator for every 0.1% of sulphur above the 

maximum level 0.6% (for Forties crude oil). The value of the de-escalator is established by reviewing 

evidence of significant and sustained changes in the crude market, as affected by refined products (crack 

spread values of both heavy fuel oils and light ends) and other relevant factors that affect the economics of 

Forties crude.

Table 1: The volume of Buzzard crude in the Forties Blend Estimates5

Date Buzzard percentage in Forties Forties Blend unstabilised crude oil (kbd)

August 2023 29.7% 162.9

September 2023 24.7% 213.4

October 2023 22.1% 236.6

November 2023 22.9% 236.3

The inclusion of WTI Midland into the Brent basket by Platts has helped to shore up production in the Brent 

contract with all the grades assessed on a FOB basis. WTI Midland is generally offered on a delivered basis 

Rotterdam, and it is netted back to a FOB basis which enables Midland to be valued alongside all the Brent 

grades on equal pricing terms. It also places WTI Midland on an equivalent FOB North Sea pricing basis. 

The transatlantic freight is deducted from the delivered price in Rotterdam and North Sea freight is added 

instead.

The latest data from the U.S. Energy Information Administration (“EIA”) shows that the U.S. produced 11.9 

million barrels per day in 2022. Forecasts show that total volumes could continue to rise and break new 

5 https://www.ineos.com/businesses/ineos-fps/business/forties-blend-quality/
28

records in both 2023 and 2024.

6 Much of the production growth increase is coming from the Permian basin 

with total production of 5.7 million barrels per day in 2022 and a further increase of 470,000 barrels per day 

in 2023. U.S crude exports reached 3.6 million barrels per day in 2022 which is around 640,000 barrels 

more than the previous record set in 2022.

7 The volume of US crude oil exported to Europe reached just 

under 1.51 million barrels per day in 2022 and of this around 563,000 barrels per day was exported to 

Northwest Europe8

Bloomberg LP (“Bloomberg”) provides details of the BFOET loading programs for the grades that comprise 

the Brent market. Based on the most recent 3-year average of the Bloomberg data on BFOET loadings 

(from December 2019 to November 2022). To provide a volume of exports to northwest Europe, the 

Exchange has used data from the US EIA for Belgium, France, Germany, and the Netherlands. A reduction 

of 50% has been applied to the US crude oil export volumes for France as the data source does not split 

out the volumes being imported into northwest Europe and the Mediterranean. Therefore, the Exchange 

has made a conservative assumption that around half the volumes are exported to northwest Europe.

Based on the data, total loadings of Brent (BFOET) crude oil were approximately 803,282 barrels per day, 

which is equivalent to approximately 24.098 million barrels per month over the 3-year average period to 

April 2023. Looking at the U.S crude oil export data to Northwest Europe including Rotterdam, the 

deliverable volume for U.S crude into the region averaged 499,264 barrels per day (including the adjustment 

of 50% to the French import data) which equates to 14.978 million barrels per month. To account for WTI 

Midland deliveries only, the total volume of US exports has been reduced by 20% to derive an adjusted 

WTI Midland import figure of 399,411 barrels per day or 11.982 million barrels per month.

The Brent market is priced in USD and cents per barrel. There are two significant futures contracts based 

on trading activity in the forward BFOE market. NYMEX and ICE Futures Europe offer trading of Brent 

Futures on their respective exchanges.

The cash market is traded in partials of 100,000 barrels or larger full-size cargo transactions of 700,000 

barrels. Physical convergence can occur through the partials market mechanism upon the trading of seven 

parcels with the same counterparty in a single delivery month. If physical convergence does not occur, 

trades are booked out at the prevailing cash value on the last day of trading day of the cash market for the 

specific delivery month (this is currently month ahead prior to the 1st loading date of the delivery month). 

Full sized physical cargo BFOET trades will be used by ICE in the establishment of the Brent Index which 

is the mechanism by which the futures open on expiry are cash settled. The ICE Brent Index is a regulated 

benchmark under the UK Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 

2019.

The Dated Brent or Dated BFOET, as it is sometimes referred to, reflects the value of the cheapest of Brent, 

Forties, Oseberg, Ekofisk and Troll (and WTI Midland), of 700,000 barrels, loading 10 days to Month Ahead. 

Dated Brent is estimated to price around 63% of the global exports.

9 The remaining crude oil exports are 

priced off WTI, Dubai/Oman and Sour crude basket ASCI.

The Bloomberg data, in Exhibit B, shows the loaded volume of crude oil for Brent, Forties, Oseberg, Ekofisk 

and Troll (collectively known as BFOET). The volume of “net” delivered WTI Midland has also been added 

to this table.

6

https://www.eia.gov/todayinenergy/detail.php?id=55299#:~:text=In%202022%2C%20U.S.%20crude%20oil,our%20forecast%20gro

wth%20in%20production.

7 https://www.eia.gov/dnav/pet/pet_move_exp_dc_NUS-Z00_mbblpd_a.htm

8

https://www.eia.gov/todayinenergy/detail.php?id=56020#:~:text=Europe%20ranked%20a%20close%20second,crude%20oil%20exp

orts%20in%202022

9 https://www.ice.com/global-crude-benchmarks-brent-sets-the-standard
29

European Naphtha

Naphtha is an essential feedstock for the petrochemical industry, where it is used for producing olefins in 

steam crackers. Naphtha is also used as a feedstock for upgrading into gasoline via the catalytic reforming 

process. It is also used in the chemical industry for solvent (cleaning) applications. Naphtha is an oil refined 

product created from the crude distillation process.

The European market is largely based on imports from the international market and cargoes are priced into 

northwest Europe on a delivered or CIF basis. Naphtha is traded in USD per metric ton and 1 metric ton = 

8.9 barrels.

Naphtha is considered a key feedstock for the petrochemical markets, and it is often cracked into alternative 

lighter end products such as ethylene and propylene and can be used an oxygenate into the gasoline 

production process. Naphtha also competes on price with alternative cracker feedstocks such as liquefied 

petroleum gas or LPG. Refiners choosing to crack naphtha or LPG will do so on the basis of the individual 

economics of each refinery or petrochemical cracking facility where an evaluation of the price of each 

feedstock will be carried out as well as the price of the downstream products to determine the most 

appropriate feedstock to process. 

Naphtha is commonly shipped in cargo sizes of around 30,000 metric tons but some of the larger ships, 

known as LR1 and LR2s can transport cargoes of up to 75,000 metric tons. However, large amounts of 

these cargoes are sold from the Middle East to the Far East. Eurostat publishes monthly and annual 

production, import and export statistics for naphtha and, for the purpose of this analysis, the Exchange has 

used the European import data.

The latest data from Eurostat shows that the total volume of imports into northwest Europe, defined as 

Belgium, France, Germany, and the Netherlands was 2.993 million tons per month over the three-year 

average period up to and including February 2023. The full data is shown in Appendix C.
30

Singapore Gasoline

Singapore, possessing extensive storage capacity and appropriate refining infrastructure, is the main 

trading hub for the Asian petroleum market. The Singapore petroleum markets are extremely diverse and 

actively traded by refiners, traders, importers and smaller distributors, which explains the numerous energy 

trading firms located there.

The country is also a vibrant import and export centre for petroleum products, as a result, the majority of 

Asian gasoline is sold in relation to the price of gasoline from Singapore. Singapore RON 92 Gasoline 

assessment by Platts is widely used as the pricing basis for physical and derivatives trading in the region. 

There is a large physical flow of Asian gasoline into European market and there is an active East-West 

gasoline derivatives market trading the spread between Platts Singapore gasoline cargoes and Argus 

European (Eurobob Oxy and now Eurobob non-oxy) gasoline barge assessments.

The Joint Oil Data Initiative (JODI) publishes Singapore exports data of gasoline. The monthly data is 

available through March 2023. As shown in table 1 below, the average total annual Singapore exports of 

gasoline for the most recent three years (MTD March 2023) were 173,868,000 barrels or the equivalent of 

14,489,000 per month or 14,489 futures contract equivalents using a contract size of 1,000 barrels per 

contract. 

Table 1. Selected Singapore Gasoline Exports Volume

Units: Thousand barrels

Source: JODI Database

Thousand Barrels

12 months to 

March 2021

12 months to 

March 2022

12 months to 

March 2023

3-year 

average

Singapore Gasoline 

Exports

 

144,095 

 

148,883 

 

228,628 

 

173,869 
31

Analysis of Deliverable Supply

In estimating deliverable supply for the futures contract, the Exchange relied on long-standing precedent, 

which provides that the key component in estimating deliverable supply is the portion of typical production 

and supply stocks that could reasonably be considered to be readily available for delivery. In its guidance 

on estimating deliverable supply, the Commodity Futures Trading Commission (“CFTC” or “Commission”) 

states:

In general, the term “deliverable supply” means the quantity of the commodity meeting a 

derivative contract’s delivery specifications that can reasonably be expected to be readily 

available to short traders and saleable by long traders at its market value in normal cash 

marketing channels at the derivative contract’s delivery points during the specified 

delivery period, barring abnormal movement in interstate commerce. Typically, 

deliverable supply reflects the quantity of the commodity that potentially could be made 

available for sale on a spot basis at current prices at the contract’s delivery points. For a 

non-financial physical-delivery commodity contract, this estimate might represent product 

which is in storage at the delivery point(s) specified in the futures contract or can be 

moved economically into or through such points consistent with the delivery procedures 

set forth in the contract and which is available for sale on a spot basis within the marketing 

channels that normally are tributary to the delivery point(s).

Term supply contracts do exist but in a typical term agreement in the cash market there is a provision that 

allows flexibility for re-trading of the contracted quantity in the spot market, so the term agreements do not 

restrict the potential deliverable supply.

Eurobob Oxy Gasoline

To define the deliverable supply of Eurobob non-oxy, we have used production and imports of Gasoline 

for Belgium, France, Germany, and the Netherlands as the basis for deliverable supply. The same reduction

has been applied for France, so the data has been halved to reflect Northwest European volumes only. The 

Exchange has used Eurostat monthly data and averaged the data over the three-year period month to date 

February 2023.

The “net” production volumes which includes a reduction of 50% to the French numbers to reflect northwest 

Europe only were 2.542 million tons per month. The “net” import volumes which includes a reduction of 

50% to the French numbers to reflect northwest Europe only were 971,000 tons per month. 

In addition, the Exchange has calculated the percentage of supply that best reflects E10 gasoline. To do 

this, the Exchange has based its analysis on data provided by the European Environment Agency which 

shows the total volume of E10 and E5 gasoline sold in each country. The data for the period 2019 to 2021 

has been used for this purpose. 

Using the National statistics, we have calculated that the size of the E10 retail market in Belgium, France, 

Germany, and the Netherlands. The Exchange has applied a reduction of 20% to Belgium, 85% to

Germany, 50% to France and has not applied a reduction to the Dutch volumes as nearly all the gasoline 

sold reflects the E10 blendstock. The reductions have been applied to the combined production and import 

volumes for each country and the data is shown in the net production and imports column.

Using the combined production and imports data, the total estimated deliverable supply for E10 gasoline is 

1.712 million tons per month or 1,712 futures contracts equivalent based on a contract size of 1,000 metric 

tons. 

The current spot month position limit for the Eurobob non-oxy gasoline is 400 contracts equating to 23.36% 

of deliverable supply. A month-by-month breakdown for Production and Imports and the adjusted “net” 

production plus imports” after the reduction has been applied is shown in Appendix A.
32

Brent Crude Oil

The basis of the analysis in the Brent market is BFOET loadings in the North Sea and the volume of “net” 

WTI Midland crude oil exports to northwest Europe. The Exchange determined that the volume of loaded 

barrels of BFOE crude oil from Brent, Forties, Oseberg, Ekofisk and Troll best meets the definition of supply 

readily available for delivery. To account for the WTI Midland crude oil deliveries, the Exchange has looked 

at the published monthly crude oil export volumes by destination data from the U.S Energy Information 

Administration (“EIA”). For the U.S. export data the imports into Belgium, France, Germany, and the 

Netherlands has been used. A reduction of 50% has been applied to the US crude oil export volumes for 

France as the data source does not split out the volumes being imported into northwest Europe and the 

Mediterranean. Therefore, the Exchange has made a conservative assumption that around half the volumes 

are exported to northwest Europe.

To account for WTI Midland, the Exchange has applied a reduction of 20% to the total export volumes 

which is based on further analysis of the WTI exports with the market and on the shipping data provided 

from C-Flow. As the data is proprietary to Platts, the Exchange is not able to provide this data.

Based on the total volume of exports since May 2022, the average volume of WTI Midland crude oil as a 

percentage of total U.S crude oil exports was 80%. Over the three-year average period to April 2023, total 

US exports of WTI Midland delivered to northwest Europe after applying the reduction to the total volume 

equated to 399,411 barrels per day or 11.982 million barrels per month. This equates to 11,982 contract 

equivalents.

In addition, the Exchange has reduced the deliverable supply of Forties to account for the long-term 

commitment for crude oil purchases by the Grangemouth refinery. The Grangemouth oil refinery is located 

close to the delivery point of the Forties pipeline and volumes from the outer fields are connected directly 

via a series of pipelines to the refinery. Based on the most recent 3-year average of the Bloomberg data on 

BFOET loadings (May 2020 to April 2023), total loadings of Brent (BFOET) crude oil were approximately 

803,282 barrels per day, which is equivalent to approximately 24.098 million barrels per month, or 24,098 

contract equivalents (contract size: 1,000 barrels). Further, to account for the crude oil purchases by the 

Grangemouth refinery, the deliverable supply (using the three-year average BFOET figures) would be 

reduced by 3 million barrels per month. Therefore, the total deliverable supply of BFOET 21.098 million 

barrels per month or 21,098 contract equivalents. 

The exchange has further added the WTI Midland volumes to the total volume of deliverable supply, When 

the total volume of WTI Midland is added, the total volume of deliverable supply has been calculated as 

33.080 million barrels or 33,080 contract equivalents.

Based on the deliverable supply in the Brent contract of 33.080 million barrels or 33,080 contract 

equivalents based on a contract size of 1,000 barrels, the spot month position limit of 7,000 contracts

equates to 21.16% of deliverable supply.

A breakdown of the data is shown in Appendix B.
33

Singapore Gasoline

The UN Comtrade data does not distinguish between the different Research Octane Number (“RON”) 

gasoline. The RON is a widely used measurement by the industry for gasoline octane content rating. The 

higher the octane content, the higher the compression ratio the fuel can perform and hence more resistant 

to engine knock – which is ignition of air-fuel mixture outside of the desired timing. In gasoline production, 

the RON is adjusted via gasoline blending with additive such as MTBE oxygenate. The different desirable 

levels of RON can be achieved by adjusting the type and quantity of additive blended. Therefore, the 

Exchange did not make an adjustment to deliverable supply based on the RON. In addition, the typical term 

agreement in the cash market allows flexibility for re-trading of the contracted quantity in the spot market, 

so the term agreements do not restrict the potential deliverable supply.

The sulphur content in Singapore mogas is 50ppm and the RON is based on min 92, min 95 and min 97 

depending on the grade. Russian origin material is excluded from the assessment process (effective 

February 2022). This higher quality in Singapore mogas reflects the broader trend in Asia Pacific towards 

higher quality road transport fuels. Gasoline with a sulphur content of less than 50 ppm is already used in 

China, India, Japan, Korea, Thailand, Australia, New Zealand and the Philippines. Other large gasoline 

importing countries currently consuming higher sulphur fuel, for example Indonesia and Malaysia, have a 

control program in place aiming to switch to the low sulphur standard in the near-term futures.

Based on the UN Comtrade data of Singapore gasoline exports over the three-year average period to March 

2023, the deliverable supply of gasoline in Singapore was approximately 23,698,732 metric tons per year 

or 1,974,894 metric tons per month. Using the conversion factor of 8.33 barrels per metric ton, this equates 

to 16,450,867 barrels per month, or 16,450 contract equivalents (contract size 1,000 barrels).

Currently the spot month position limits for the three outright Singapore Mogas contracts, Singapore Mogas 

92 Unleaded (Platts) Futures (Code 1N), Singapore Mogas 95 Unleaded (Platts) Futures and Singapore 

Mogas 97 Unleaded (Platts) Futures are all set at 1,000 contract equivalents. This is 6.07% of the monthly 

gasoline deliverable supply for each of the three contracts, or together, 18.23%.

Positions in the Mini Gasoline Eurobob Non-Oxy NWE Barges (Argus) Futures and the Mini Gasoline 

Eurobob Non-Oxy NWE Barges (Argus) BALMO Futures will aggregate into the Gasoline Eurobob nonoxy NWE Barges (Argus) Futures (commodity code GNO). The spot month position limit for Eurobob nonoxy NWE Barges is 400 contracts. The Exchange has calculated deliverable supply of non-oxy gasoline in 

northwest Europe at 1.712 million tons per month or 1,712 futures contract equivalent production (based 

on a contract size of 1,000mt). Therefore, the spot month position limit of 400 contracts equates to 23.36% 

of the total monthly deliverable supply. The mini contract has a smaller contract size, so the spot month 

position limit has been adjusted higher and is based on a ratio of 10:1. 

Positions in the Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread (1,000mt) Futures, 

the Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread (1,000mt) BALMO Futures and 

the Mini Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread (1,000mt) Futures will 

aggregate into the Gasoline Eurobob Non-Oxy NWE Barges (Argus) Futures (commodity code GNO)

and the Brent Crude Oil Penultimate Financial Futures (commodity code BB). The spot month position 

limit for Eurobob non-oxy NWE Barges is 400 contracts. The Exchange has calculated deliverable supply 

of non-oxy gasoline in northwest Europe at 1.712 million tons per month or 1,712 futures contract equivalent 

production (based on a contract size of 1,000mt). The spot month limit for Brent is 33.080 million barrels 

per month or 33,080 futures contract equivalent (based on a contract size of 1,000 barrels). The spot month 

position limit for Eurobob non-oxy of 400 contracts equates to 23.36% of the total monthly deliverable 

supply. The spot month position limit for Brent of 7,000 contracts equates to 21.16% of the total monthly 

deliverable supply. The mini contract has a smaller contract size, so the spot month position limit has been 

adjusted higher and is based on a ratio of 10:1.
34

Positions in the Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread BALMO Futures will 

aggregate into the Gasoline Eurobob Non-Oxy NWE Barges (Argus) Futures (commodity code GNO)

and the Brent Crude Oil Penultimate Financial Futures (commodity code BB). The spot month position 

limit for Eurobob non-oxy NWE Barges is 400 contracts. The Exchange has calculated deliverable supply 

of non-oxy gasoline in northwest Europe at 1.712 million tons per month or 1,712 futures contract equivalent 

production (based on a contract size of 1,000mt). The spot month limit for Brent is 33.080 million barrels 

per month or 33,080 futures contract equivalent (based on a contract size of 1,000 barrels). The spot month 

position limit for Eurobob non-oxy of 400 contract equates to 23.36% of the total monthly deliverable supply. 

The spot month position limit for Brent of 7,000 contracts equates to 21.16% of the total monthly deliverable 

supply.

Positions in the Gasoline Eurobob Non-Oxy NWE Barges (Argus) vs European Naphtha CIF NWE 

(Platts) Futures, and the Gasoline Eurobob Non-Oxy NWE Barges (Argus) vs European Naphtha CIF 

NWE (Platts) BALMO Futures will aggregate into the Gasoline Eurobob Non-Oxy NWE Barges (Argus) 

Futures (commodity code GNO) and the European Naphtha Cargoes CIF NWE (Platts) Futures. The spot 

month position limit for Eurobob non-oxy NWE Barges is 400 contracts. The Exchange has calculated 

deliverable supply of non-oxy gasoline in northwest Europe at 1.712 million tons per month or 1,712 futures 

contract equivalent (based on a contract size of 1,000mt). The spot month limit for European Naphtha is 

500 contracts. The Exchange has calculated deliverable supply as 2.995 million tons per month or 2,995 

futures contract equivalents based on a contract size of 1,000 metric tons. The spot month position limit for 

Eurobob non-oxy of 400 contracts equates to 23.36% of the total monthly deliverable supply. The spot 

month position limit for Naphtha of 500 contracts equates to 16.7% of the total monthly deliverable supply.

Positions in the Singapore Gasoline 92 Unleaded (Platts) vs Gasoline Eurobob non-oxy NWE Barges 

(Argus) BALMO Futures will aggregate into the Singapore Mogas 92 unleaded (Platts) Futures 

(commodity code 1N) and the Gasoline Eurobob Non-Oxy NWE Barges (Argus) Futures (commodity code 

GNO). The spot month position limit for Singapore Gasoline 92 Unleaded is 1,000 contracts. The Exchange 

has calculated deliverable supply of gasoline in Singapore to be 16.45 million barrels per month or 16,450 

futures contracts equivalent based on a contract size of 1,000 barrels. The spot month position limit of 1,000 

contracts for Singapore gasoline equates to 6.08% of the total monthly deliverable supply. The spot month 

position limit for Eurobob non-oxy NWE Barges is 400 contracts. The Exchange has calculated deliverable 

supply of non-oxy gasoline in northwest Europe at 1.712 million tons per month or 1,712 futures contract

equivalent (based on a contract size of 1,000mt). The spot month position limit for Eurobob non-oxy NWE 

Barges of 400 contracts equates to 23.36% of the total monthly deliverable supply. 

Currently the spot month position limits for the three outright Singapore Mogas contracts, Singapore Mogas 

92 Unleaded (Platts) Futures (Code 1N), Singapore Mogas 95 Unleaded (Platts) Futures and Singapore 

Mogas 97 Unleaded (Platts) Futures are all set at 1,000 contract equivalents. This is 6.07% of the monthly 

gasoline deliverable supply for each of the three contracts, or together, 18.21%.

Positions in the Gasoline Eurobob Non-Oxy NWE Barges (Argus) Crack Spread Average Price Option 

will aggregate into the Gasoline Eurobob Non-Oxy NWE Barges (Argus) Futures (commodity code 

GNO) and the Brent Crude Oil Penultimate Financial Futures (commodity code BB). The spot month 

position limit for Eurobob non-oxy NWE Barges is 400 contracts. The Exchange has calculated deliverable 

supply of non-oxy gasoline in northwest Europe at 1.712 million tons per month or 1,712 futures contract

equivalent (based on a contract size of 1,000mt). The spot month limit for Brent is 33.080 million barrels 

per month or 33,080 futures contract equivalent (based on a contract size of 1,000 barrels). The spot month 

position limit for Eurobob non-oxy of 400 contracts equates to 23.36% of the total monthly deliverable 

supply. The spot month position limit for Brent of 7,000 contracts equates to 21.16% of the total monthly 

deliverable supply.
35

Appendix A

Monthly production volumes of Gasoline in Northwest Europe

Source: Eurostat data (Transformation output from refineries)10

Units: Thousand metric tons per month

Belgium Germany France* Netherlands Adjusted 

Production

Mar-20 300 1,576 596 297 2,471

Apr-20 250 1,269 385 262 1,974

May-20 288 1,507 372 265 2,246

Jun-20 238 1,603 566 251 2,375

Jul-20 253 1,704 684 308 2,607

Aug-20 233 1,759 688 325 2,661

Sep-20 224 1,627 808 355 2,609

Oct-20 219 1,854 837 400 2,891

Nov-20 228 1,648 707 362 2,591

Dec-20 240 1,594 584 337 2,463

Jan-21 256 1,637 609 333 2,530

Feb-21 238 1,290 474 325 2,089

Mar-21 253 1,340 569 360 2,237

Apr-21 284 1,535 545 352 2,443

May-21 293 1,605 609 340 2,543

Jun-21 258 1,517 595 351 2,424

Jul-21 296 1,651 688 361 2,652

Aug-21 279 1,773 707 355 2,760

Sep-21 217 1,624 592 320 2,457

Oct-21 278 1,784 641 467 2,850

Nov-21 279 1,684 650 385 2,674

Dec-21 314 1,718 620 396 2,738

Jan-22 270 1,659 672 264 2,528

Feb-22 239 1,529 530 256 2,289

Mar-22 240 1,666 460 361 2,496

Apr-22 260 1,700 528 418 2,643

May-22 256 1,692 610 383 2,636

Jun-22 299 1,768 676 258 2,663

Jul-22 284 1,807 749 286 2,752

Aug-22 299 1,714 791 347 2,755

Sep-22 253 1,718 634 379 2,667

Oct-22 223 1,734 332 218 2,341

Nov-22 178 1,706 632 268 2,468

10 https://ec.europa.eu/eurostat/databrowser/view/NRG_CB_OILM__custom_7370028/default/table?lang=en
36

Dec-22 235 1,760 738 305 2,669

Jan-23 278 1,706 781 396 2,770

Feb-23 283 1,480 640 481 2,564

3-year average 259 1,637 619 337 2,542

*Data for France is halved to exclude Mediterranean volumes
37

Monthly import volumes of Gasoline in Northwest Europe11

Source: Eurostat data

Units: Thousand metric tons per month

Belgium Germany France France adjusted Netherlands Adjusted 

Imports

Mar-20 51 147 95 48 503 749 

Apr-20 23 136 36 18 562 738 

May-20 29 141 111 56 915 1,141 

Jun-20 43 123 131 66 1,155 1,386 

Jul-20 48 215 107 54 693 1,010 

Aug-20 41 218 178 89 419 767 

Sep-20 75 191 97 49 245 560 

Oct-20 97 190 158 79 305 671 

Nov-20 114 113 76 38 530 795 

Dec-20 47 101 114 57 985 1,191 

Jan-21 60 96 177 89 438 683 

Feb-21 28 66 168 84 967 1,144 

Mar-21 78 172 184 92 350 692 

Apr-21 92 223 241 121 888 1,324 

May-21 109 274 177 89 769 1,241 

Jun-21 120 191 239 120 1,023 1,453 

Jul-21 47 239 283 142 289 716 

Aug-21 78 282 251 126 610 1,095 

Sep-21 73 243 231 116 610 1,041 

Oct-21 64 160 222 111 761 1,096 

Nov-21 46 138 187 94 448 725 

Dec-21 39 186 200 100 784 1,109 

Jan-22 64 172 153 77 843 1,155 

Feb-22 26 123 147 74 652 875 

Mar-22 77 109 204 102 674 962 

Apr-22 91 235 267 134 1,004 1,462 

May-22 139 111 219 110 527 887 

Jun-22 76 96 236 118 641 930 

Jul-22 69 142 347 174 783 1,167 

Aug-22 67 196 162 81 698 1,042 

Sep-22 47 187 153 77 509 820 

Oct-22 98 97 496 248 497 940 

Nov-22 96 179 235 118 377 769 

11 https://ec.europa.eu/eurostat/databrowser/view/NRG_CB_OILM__custom_7370034/default/table?lang=en
38

Dec-22 75 147 286 143 516 882 

Jan-23 65 184 240 120 470 838 

Feb-23 76 152 144 72 601 901 

3-year 

average

68 166 193 97 640 971 

*Data for France is halved to exclude Mediterranean volumes
39

Monthly production and import volumes of Gasoline in Northwest Europe for E10 gasoline

Source: Eurostat data for production and imports 

Units: Thousand metric tons per month

Belgium Germany France Netherlands

Adjusted 

production 

and imports*

Mar-20 281 258 173 800 1,512 

Apr-20 218 211 105 824 1,358 

May-20 254 247 121 1,180 1,802 

Jun-20 225 259 174 1,406 2,064 

Jul-20 241 288 198 1,001 1,727 

Aug-20 219 297 217 744 1,476 

Sep-20 239 273 226 600 1,338 

Oct-20 252 307 249 705 1,513 

Nov-20 274 264 196 892 1,625 

Dec-20 230 254 175 1,322 1,981 

Jan-21 253 260 197 771 1,481 

Feb-21 212 203 161 1,292 1,868 

Mar-21 265 227 188 710 1,389 

Apr-21 301 264 197 1,240 2,001 

May-21 322 282 197 1,110 1,910 

Jun-21 302 256 209 1,374 2,141 

Jul-21 274 284 243 650 1,451 

Aug-21 285 308 240 965 1,798 

Sep-21 232 280 206 929 1,647 

Oct-21 274 292 216 1,228 2,009 

Nov-21 260 273 209 834 1,576 

Dec-21 282 286 205 1,180 1,953 

Jan-22 267 275 206 1,107 1,854 

Feb-22 212 248 169 909 1,537 

Mar-22 253 266 166 1,035 1,721 

Apr-22 280 290 199 1,422 2,192 

May-22 316 270 207 910 1,704 

Jun-22 300 280 228 898 1,706 

Jul-22 282 292 274 1,069 1,918 

Aug-22 293 287 238 1,044 1,862 

Sep-22 240 286 197 888 1,611 

Oct-22 257 275 207 715 1,453 

Nov-22 219 283 217 645 1,363 

Dec-22 248 286 256 822 1,612 

Jan-23 274 283 255 866 1,679 

Feb-23 287 245 196 1,082 1,810 
40

3-year 

average

262 270 203 977 1,712 

*data reflects the reductions for each country to account for E10 supply only
41

Appendix B: North Sea Crude Oil Loading - Brent, Forties, Oseberg, Ekofisk and Troll

Units: Barrels

Source: Bloomberg

Brent Forties Oseberg Ekofisk Troll

Total 

US 

crude

Adjusted 

WTI 

Midland

Total DS

May-20 58,065 309,677 96,774 270968 180,000 356,500 285,200 1,200,684

Jun-20 116,129 309,677 77,419 251613 209,677 289,000 231,200 1,195,715

Jul-20 80,000 260,000 100,000 280000 171,000 515,000 412,000 1,303,000

Aug-20 77,419 367,742 135,484 232258 145,161 597,000 477,600 1,435,664

Sep-20 58,065 367,742 96,774 270968 185,484 409,000 327,200 1,306,233

Oct-20 62,069 372,414 103,448 268966 144,828 388,000 310,400 1,262,125

Nov-20 96,774 348,387 96,774 232258 193,548 443,000 354,400 1,322,141

Dec-20 20,000 320,000 100,000 260000 100,000 362,500 290,000 1,090,000

Jan-21 58,065 309,677 96,774 270968 174,194 180,500 144,400 1,054,078

Feb-21 60,000 300,000 120,000 280000 120,000 571,000 456,800 1,336,800

Mar-21 96,774 329,032 96,774 212903 135,484 279,000 223,200 1,094,167

Apr-21 58,065 251,613 116,129 270968 135,484 512,000 409,600 1,241,859

May-21 60,000 220,000 100,000 260000 80,000 373,000 298,400 1,018,400

Jun-21 77,419 290,323 96,774 232258 135,484 493,500 394,800 1,227,058

Jul-21 60,000 280,000 80,000 220000 140,000 356,000 284,800 1,064,800

Aug-21 77,419 270,968 116,129 290323 135,484 405,500 324,400 1,214,723

Sep-21 77,419 270,968 96,774 270968 135,484 435,500 348,400 1,200,013

Oct-21 64,286 278,571 85,714 257143 150,000 416,000 332,800 1,168,514

Nov-21 58,065 251,613 96,774 251613 154,839 508,000 406,400 1,219,304

Dec-21 60,000 220,000 80,000 260000 80,000 486,000 388,800 1,088,800

Jan-22 38,710 174,194 96,774 270,968 96,774 344,000 275,200 952,619

Feb-22 80,000 20,000 100,000 200,000 160,000 455,500 364,400 924,400

Mar-22 38,710 251,613 96,774 251,613 135,484 460,500 368,400 1,142,594

Apr-22 58,065 212,903 77,419 251,613 135,484 615,500 492,400 1,227,884

May-22 60,000 200,000 80,000 240,000 160,000 538,000 430,400 1,170,400
42

Jun-22 38,710 290,323 96,774 251,613 154,839 648,000 518,400 1,350,659

Jul-22 40,000 260,000 80,000 260,000 160,000 677,500 542,000 1,342,000

Aug-22 38,710 251,613 96,774 270,968 96,774 543,500 434,800 1,189,639

Sep-22 58,065 270,968 96,774 232,258 154,839 574,000 459,200 1,272,104

Oct-22 42,857 235,714 64,286 214,286 150,000 610,500 488,400 1,195,543

Nov-22 58,065 251,613 96,774 232,258 135,484 621,500 497,200 1,271,394

Dec-22 40,000 260,000 80,000 200,000 100,000 671,500 537,200 1,217,200

Jan-23 58,065 232,258 96,774 212,903 116,129 692,500 554,000 1,270,129

Feb-23 40,000 240,000 80,000 40,000 120,000 614,000 491,200 1,011,200

Mar-23 38,710 193,548 96,774 232,258 154,839 920,000 736,000 1,452,129

Apr-23 38,710 212,903 77,419 309,677 135,484 611,000 488,800 1,262,993

3-year 

average

59,539 263,501 94,495 244,850 140,897 499,264 399,411 1,202,693

*the data reflect a reduction of 20% to the U.S volumes to reflect WTI Midland exports

** Northwest Europe volumes include a 50% reduction to French imports
43

Appendix C: Monthly import volumes of Naphtha in Northwest Europe12

Source: Eurostat data

Units: Thousand metric tons per month

Belgium Germany France* Netherlands AdjustedImports

Mar-20 465 571 476 2,086 3,360 

Apr-20 251 573 442 1,619 2,664 

May-20 346 412 528 1,759 2,781 

Jun-20 351 492 308 1,701 2,698 

Jul-20 360 695 236 1,656 2,829 

Aug-20 309 581 359 1,401 2,471 

Sep-20 352 463 271 1,257 2,208 

Oct-20 402 788 372 1,703 3,079 

Nov-20 473 715 235 1,731 3,037 

Dec-20 631 765 328 1,835 3,395 

Jan-21 611 936 465 2,055 3,835 

Feb-21 403 817 369 1,406 2,811 

Mar-21 444 722 293 2,091 3,404 

Apr-21 465 725 351 1,777 3,143 

May-21 457 811 308 2,063 3,485 

Jun-21 488 578 246 1,686 2,875 

Jul-21 393 673 210 1,753 2,924 

Aug-21 245 732 309 1,816 2,948 

Sep-21 492 767 208 1,525 2,888 

Oct-21 589 782 332 2,027 3,564 

Nov-21 498 666 385 2,113 3,470 

Dec-21 423 779 225 1,854 3,169 

Jan-22 482 935 294 1,751 3,315 

Feb-22 416 706 170 1,683 2,890 

Mar-22 549 723 277 1,955 3,366 

Apr-22 368 720 187 2,332 3,514 

May-22 314 789 169 2,744 3,932 

Jun-22 300 619 213 1,863 2,889 

Jul-22 307 633 226 2,153 3,206 

Aug-22 253 540 77 2,034 2,866 

Sep-22 283 439 60 1,728 2,480 

Oct-22 403 438 122 1,765 2,667 

Nov-22 436 390 90 1,368 2,239 

Dec-22 311 255 130 1,686 2,317 

Jan-23 291 560 236 1,782 2,751 

Feb-23 264 530 97 1,507 2,350 

12 https://ec.europa.eu/eurostat/databrowser/view/NRG_CB_OILM__custom_7370046/default/table?lang=en
44

3-year average 401 648 267 1813 2,995

*Data for France is halved to exclude Mediterranean volumes