SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 23-424

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): 12/21/23 Filing Description: Initial Listing of the European Low 

Sulphur Gasoil Futures-Style Margined Option Contract

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. 
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

1

 Timothy Elliott

Managing Director and Chief Regulatory Counsel

Legal Department

December 21, 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 the European Low Sulphur 

Gasoil Futures-Style Margined Option.

NYMEX Submission No. 23-424

Dear Mr. Kirkpatrick:

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

Trading Commission (“CFTC” or “Commission”) the listing of the European Low Sulphur Gasoil FuturesStyle Margined Option contract (the “Contract”) for trading on the CME Globex electronic trading platform 

(“CME Globex”) and for submission for clearing via CME ClearPort effective Sunday, January 21, 2024 for 

trade date Monday, January 22, 2024.

Contract Title European Low Sulphur Gasoil Futures-Style Margined Option

Commodity Code 7FO

Rulebook Chapter 554

Settlement Type Physical Exercise into Futures

Underlying Futures Contract 

Title / Commodity Code

European Low Sulphur Gasoil (100mt) Bullet Futures / 7F

Contract Size 100 metric tons

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

Minimum Price Fluctuation $0.05 per metric ton

Value Per Tick $5.00

Option Exercise Type American Style

Margining Style Futures Style

Strike Price Increments Minimum 30 strikes at $1.00 per metric ton increment above and below the 

at-the-money strike then 50 strikes at $5.00 per metric ton increment above 

and below the highest and lowest $1.00 per metric ton increment strikes 

then 20 strikes at $25.00 per metric ton increment above and below the 

highest and lowest $5.00 per metric ton increment strikes plus dynamic 

strikes at $0.25 per metric ton increment.

Listing Schedule Monthly contracts listed for the current year and the next six (6) consecutive 

calendar years. List monthly contracts for a new calendar year following the 

termination of trading in the December contract of the current year. 

Initial Listed Contract Month February 2024

Block Trade Minimum 

Threshold and Reporting 

Window

5 contracts – subject to a 15-minute reporting window

CME Globex Matching 

Algorithm 

First in First Out (FIFO) 
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

2

Termination of Trading The option contract shall expire at the close of trading five (5) U.K. business 

days prior to the termination of trading of the ICE Low Sulphur Gasoil 

Futures Contract. 

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 5:00 p.m. - Friday 4:00 p.m. CT with a daily

maintenance period from 4:00 p.m. - 5:00 p.m. CT

CME ClearPort: Sunday 5:00 p.m. - Friday 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 Contract will be subject to the rules in NYMEX 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’s 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 Contract is 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 based on market assessments 

published by Baltic Exchange and licensed to the Exchange.

● Prevention of Market Disruption: Trading in the Contract will be subject to Rules of NYMEX, 

which include prohibitions on manipulation, price distortion and disruption to the cash settlement 

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 Contract 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 trading volumes, open 

interest levels, and price information daily on its website and through quote vendors for the 

Contract.

● Execution of Transactions: The Contract 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 Contract will be included in the audit trail 

and is sufficient for the Market Regulation Department to monitor for market abuse.
20 S Wacker Dr Chicago, IL 60606 T 312 466 7478 tim.elliott@cmegroup.com cmegroup.com

3

● Financial Integrity of Transactions: The Contract will be cleared by the CME Clearing House, 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 Contract.

● 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 contract 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 Contract 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 non-member 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 certifies that the Contract 

complies with the Act, including regulations under the Act. There were no substantive opposing views to 

this proposal.

The Exchange certifies that this submission has been concurrently posted on the CME Group website at 

http://www.cmegroup.com/market-regulation/rule-filings.html.

Should you have any questions concerning the above, please contact the undersigned at (312) 466-7478 

or via e-mail at CMEGSubmissionInquiry@cmegroup.com.

Sincerely,

/s/ Timothy Elliott

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A: NYMEX Rulebook Chapter 554

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

Exhibit E: Exchange Fees

Exhibit F: Cash Market Overview and Analysis of Deliverable Supply
4

EXHIBIT A

NYMEX Rulebook

Chapter 554

European Low Sulphur Gasoil Futures-Style Margined Option

554100. SCOPE OF CHAPTER 

This chapter is limited in application to put and call European Low Sulphur Gasoil Futures-Style 

Margined Options on the European Low Sulphur Gasoil (100mt) Bullet Futures contract. In addition 

to the rules of this chapter, transactions in European Low Sulphur Gasoil Futures-Style Margined 

Options shall be subject to the general rules of the Exchange insofar as applicable. 

554101. OPTION CHARACTERISTICS 

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

554101.A. Trading Schedule 

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

554101.B. Trading Unit 

A European Low Sulphur Gasoil Futures-Style Margined put or call option contract traded on the 

Exchange represents an option to assume a short or long position in the underlying European Low 

Sulphur Gasoil (100mt) Bullet Futures contract traded on the Exchange. 

554101.C. Price Increments 

Prices shall be quoted in dollars and cents per metric ton and prices shall be in multiples of five (5) 

cent per metric ton. 

554101.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. 

554101.E. Termination of Trading 

A European Low Sulphur Gasoil Futures-Style Margined Option contract on the Exchange shall 

expire at the close of trading five U.K business days prior to the termination of the ICE Low Sulphur 

Gasoil Futures contract. The expiration date shall be announced prior to the listing of the option 

contract. 

554101.F. Type Option 

The option is an American-style option. 

554102. EXERCISE PRICES 

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

554103. SPECIAL PRICE FLUCTUATION LIMITS 

At the commencement of each trading day, the contract shall be subject to special fluctuation limits 

as set forth in Rule 589 and in the Special Price Fluctuation Limits and Daily Price Limits Table in the 

Interpretations & Special Notices Section of Chapter 5. 

554104. SETTLEMENT VARIATION AND OPTION VALUE 

Settlement variation rules for futures-style margin options conform to those set forth for non-options 

stipulated in NYMEX Rule 814. As such, when a clearing member or its customers is long or short 

any amount of any commodity for a settlement cycle, as indicated by Clearing House records, 

settlement for any outstanding exposure shall be made with the Clearing House based on the 

settlement price for that settlement cycle. For futures-style margin options, each clearing member 

and its customers shall pay to, or collect from, the Clearing House any loss or profit, as the case may 

be, represented by the difference between (x) the settlement price of the futures-style margin option 

for such settlement cycle and (y) the settlement price of the futures-style margin option for the prior 

settlement cycle (or, for the first settlement cycle after the purchase/sale of such option, the price at 

which the option was purchased or sold).
5

EXHIBIT B

NYMEX Rulebook

Chapter 5

(“Trading Qualifications and Practices”)

Position Limit, Position Accountability, and Reportable Level Table 

(under separate cover)
6

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

European 

Low Sulphur 

Gasoil 

Futures-Style 

Margined 

Option

7FO

The greater of the following:

•Delta multiplied by the underlying 

futures non-reviewable range

•20% of premium up to 1⁄4 of the 

underlying futures non-reviewable 

range

•5 ticks
7

Exhibit D

NYMEX Rulebook

Chapter 300

 (“Option Contracts”)

Rule 300.20.- Strike Price Listing and Exercise Procedure Table

(additions underscored)

Commodity 

Code 

CME 

Globex 

Code

Product 

Name

Product 

Group

Product 

Subgroup Exchange Rulebook Chapter

Strike Price 

Listing Rule

Exercise 

Style

Contrary 

Instructions

Margin 

Style

Exact At-TheMoney 

Characteristics

Underlying 

Commodity 

Code

Underlying 

Product 

Name

7FO 7FO

European 

Low 

Sulphur 

Gasoil 

FuturesStyle 

Margined 

Option

Energy Refined 

Products NYMEX 554

Minimum 30 

strikes at $1.00 

per metric ton 

increment above 

and below the atthe-money strike 

then 50 strikes at 

$5.00 per metric 

ton increment 

above and below 

the highest and 

lowest $1.00 per 

metric ton 

increment strikes 

then 20 strikes at 

$25.00 per metric 

ton increment 

above and below 

the highest and 

lowest $5.00 per 

metric ton 

increment strikes 

plus dynamic 

strikes at $0.25 

per metric ton 

increment.

American No Futures N/A - Financially 

Settled 7F

European 

Low 

Sulphur 

Gasoil 

(100mt) 

Bullet 

Futures
8

EXHIBIT E

Exchange Fees

Member Non-Member

CME Globex $0.70 $1.50

Block $1.85 $2.65

EFR/EOO $1.85 $2.65

Member Non-Member

Futures from 

Exercise/Assignment $0.60 $0.75

House Account Customer Account

Option Exercise/Assignment 

Notice $0.40 $0.85

Facilitation Fee $0.60

Give-Up Surcharge $0.05

Position Adjustment/Position 

Transfer $0.10
9

EXHIBIT F

Cash Market Overview and Analysis of the Deliverable Supply

Contract Title European Low Sulphur Gasoil 

Futures-Style Margined Option

Commodity Code 7FO

Rulebook Chapter 554

New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) based its analysis of deliverable supply of 

low sulphur gasoil in Northwest Europe on data provided by Eurostat. 

The Eurostat1 data is compiled by the statistical office of the European Union and aims to provide the 

European Union 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 gasoil and diesel blended with bio components 

in Northwest Europe because of the highly specialized statistical categories collected by Eurostat. These 

two (2) products are very closely aligned in terms of sulphur content and refiners produce the lower sulphur 

content by means of blending. Therefore, the supply pool of distillate is representative of gasoil and diesel 

combined.

The final settlement price for the European Low Sulphur Gasoil (100mt) Bullet Futures (Rulebook Chapter 

712; Commodity Code 7F) is based on the settlement price of the Gasoil futures contract available on ICE 

Futures Europe. Settlement prices are made public by ICE Futures Europe, a recognised investment 

exchange in the United Kingdom.

Northwest Europe (NWE) Low Sulphur Gasoil Market

Cash Market Overview

Distillate fuel oil is a general classification for one of the petroleum product categories produced by 

distillation operations, a boiling process that separate crude oil into fractions.

2 The lightest and the first 

fraction of distillate fuel is jet kerosene, followed by on-road diesel, heating oil/off-road diesel, and residual 

fuel oils. Products known as No.1 (on-road diesel), No.2 (off-road diesel, residential heating oil), and No.4 

(commercial/industrial heating oil) oils are used in diesel engines, boilers, and power generators. Diesel,

3

also known as No. 2 Diesel Fuel, is a liquid petroleum product less volatile than gasoline and used as an 

energy source. The primary use is in the transportation sector. ULSD (Ultra Low Sulphur Diesel) contains 

a lower level of sulphur than heating oil. There are relatively stringent cold properties in ULSD that refiners 

must satisfy, particularly in the winter, to be able to deal with the harsh winter temperatures in some regions. 

Cold properties prevent the diesel fuel from freezing. The main trading hub for ULSD or Diesel as it is 

sometimes referred is split according to whether the reference market is for (i) barges or (ii) cargoes. With 

reference to the barge market, the main trading hub is the Amsterdam-Rotterdam-Antwerp (ARA) region 

where extensive storage capacity and refining infrastructure exists. For example, both BP and Shell have 

large refineries located in close proximity to the port of Rotterdam and both plants have complex refining 

units meaning that they are able to supply a wide variety of refined products including ULSD. 

1 https://ec.europa.eu/eurostat/web/main/about-us/who-we-are

2US EIA http://www.eia.gov/tools/glossary/index.cfm?id=D

3 US EIA http://www.eia.gov/tools/glossary/index.cfm?id=D
10

The cargo market by its nature is more diverse; however, there are large accumulations of refining and 

storage centres at several ports in Northwest Europe, which is broadly defined as the coastline between 

Bordeaux in France and Hamburg in Germany. We have classified Northwest Europe as Belgium, France, 

Germany and the Netherlands. Fifty (50) percent of French production is located in the Northwest Europe 

region and the remainder in the Mediterranean region. Therefore, the data for France have been halved to 

reflect this.

According to Eurostat data, Northwest European low sulphur gasoil production averaged 6.91 million tons 

per month over the three-year period up to and including September 2023 (see Exhibit A below). 

Additionally, Northwest European low sulphur gasoil imports averaged 3.81 million tons per month over the 

same period (see Exhibit A below). 

Eurostat breaks down the total distillate volumes into distinct categories of Road Diesel and Gasoil and 

provides a total diesel/gasoil number for refinery production and imports. Diesel and Gasoil including 

Heating Oil are essentially the same product and the differentiation between each product group is resulting 

from the blending process. Gasoil can be blended into Diesel and vice versa although there are some 

specifications in Diesel such as Cold Properties (the temperature at which Diesel freezes) that will vary

depending on the country of consumption. We have looked at the refinery production and import data in 

Belgium, France (halved), Germany and the Netherlands for the three-year period to September 2023.

ICE Futures Europe’s Low Sulphur Gasoil Futures contract4is liquid with average daily volumes close to 

290,000 per day (based on the average volumes between June 2021 and August 2023). The underlying 

physical specification was changed to low sulphur gasoil in February 20155 which reflects the most 

dominant supply grade into the market. In addition to this, there is an over-the-counter (“OTC”) market 

which is categorized as an Exchange for Physical (“EFP”) market which is the spread between the S&P 

Global Platts physical market and the ICE Futures Europe’s Low Sulphur Gasoil Futures contract. 

Analysis of Deliverable Supply

Appendix C to part 38 of the Commission’s regulations defines deliverable supply as “the quantity of the 

commodity meeting the 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.”

The Exchange did not include stocks data in its analysis of deliverable supply. Stocks data tend to vary, 

and the Exchange does not condition the position limits based on stock data. The basis of analysis of 

deliverable supply is based on the combined Diesel and Gasoil volumes for both production (transformation 

output from refineries) and imports. The combined number has been used because Diesel and Gasoil are 

inter-changeable, and each product can be blended at the refinery. The combined Diesel and Gasoil figures 

have been used for both refinery production and imports. 

The Exchange has defined Northwest Europe as the total production and imports into Belgium, Germany, 

France and the Netherlands. The data for France has been reduced by 50% to reflect Northwest Europe 

with the remaining 50% categorized as deliveries into the Mediterranean and or Mediterranean production. 

Further, the Exchange has determined not to adjust the deliverable supply estimate based on the spot 

availability because spot market liquidity is not restrictive and tends to vary depending on the market 

fundamentals of demand and supply. 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 

4

ICE Low Sulphur Gasoil Futures specification - https://www.theice.com/products/34361119

5 https://www.ice.com/insights/market-pulse/energy/gasoil-facilitating-transitions-to-cleaner-fuels-for-forty-years
11

deliverable supply. Also, the spot trading is not restricted in that it could increase if the market demand 

increases. Therefore, the Exchange believes that it is not necessary to adjust the deliverable supply 

estimate based on spot trading activity as it does not restrict the deliverable supply. Additionally, spot 

trading volume can expand to allow for more supply to flow if needed in the spot market.

Based on the Eurostat data, the monthly deliverable supply of Diesel and Gasoil in Northwest Europe is

10.72 million tons per month over the three (3)-year period up to and including September 2023. This 

equates approximately 128.64 million tons per year. 

Positions in the European Low Sulphur Gasoil Futures-Style Margined Option contract will aggregate into 

the underlying European Low Sulphur Gasoil (100mt) Bullet Futures contract (Rulebook Chapter 712; 

Commodity Code 7F). The deliverable supply for Gasoil and Diesel in northwest Europe is 10.72 million 

tons per month or 107,220 contracts when measured on a futures contract equivalent basis (based on a 

contract size of 100mt). The current spot month position limit for the European Low Sulphur Gasoil (100mt) 

Bullet Futures contract is 15,000 contracts based on the contract size of 100 metric tons per contract. 

Therefore, the spot month position limit can be calculated as 13.98% of the total monthly deliverable supply 

and remains well below the threshold of 25%. 
12

Exhibit A

Northwest Europe Gasoil and Diesel Oil – Transformation Output from Refineries (production)6

(Monthly Average in Thousand Metric Tons)

Belgium Germany France Netherlands Adjusted 

Production*

Oct-20 433 3,463 1,682 1,820 6,557

Nov-20 746 3,199 1,531 1,768 6,479

Dec-20 1,182 3,175 1,158 2,016 6,952

Jan-21 1,218 3,051 1,063 1,788 6,589

Feb-21 1,139 2,779 943 1,724 6,114

Mar-21 1,214 3,173 1,195 2,013 6,998

Apr-21 1,173 3,319 1,164 1,921 6,995

May-21 1,199 3,147 1,258 1,935 6,910

Jun-21 1,180 3,048 1,256 1,757 6,613

Jul-21 1,230 3,271 1,436 1,910 7,129

Aug-21 1,295 3,426 1,529 2,022 7,508

Sep-21 1,222 3,050 1,313 1,981 6,910

Oct-21 1,318 3,603 1,237 2,074 7,614

Nov-21 1,254 3,683 1,357 1,979 7,595

Dec-21 1,141 3,774 1,407 1,863 7,482

Jan-22 1,133 3,458 1,329 1,670 6,926

Feb-22 1,013 3,247 1,083 1,372 6,174

Mar-22 936 3,583 1,483 1,667 6,928

Apr-22 686 3,680 1,373 1,633 6,686

May-22 986 3,526 1,429 1,518 6,745

Jun-22 1,188 3,657 1,380 1,538 7,073

Jul-22 1,276 3,727 1,622 1,854 7,668

Aug-22 1,274 3,421 1,778 1,895 7,479

Sep-22 1,241 3,489 1,401 1,440 6,871

Oct-22 1,126 3,774 741 1,673 6,944

Nov-22 1,030 3,645 1,449 1,552 6,952

Dec-22 1,035 3,815 1,771 1,926 7,662

Jan-23 1,193 3,456 1,753 1,825 7,351

Feb-23 1,091 3,111 1,586 1,574 6,569

Mar-23 1,233 3,093 915 1,636 6,420

Apr-23 1,130 2,829 1,055 1,801 6,288

May-23 1,121 3,022 1,633 1,571 6,531

Jun-23 1,076 3,159 1,668 1,373 6,442

Jul-23 1,216 3,269 1,787 1,536 6,914

Aug-23 1,220 3,337 1,803 1,645 7,104

Sep-23 1,088 2,952 1,706 1,745 6,638

3-year 

average

1,118 3,345 1,397 1,750 6,911

 *Adjusted production reflects a reduction of 50% to the French import volumes plus the other production volumes in the

 aforementioned countries.

6 https://ec.europa.eu/eurostat/databrowser/view/NRG_CB_OILM__custom_7424371/default/table?lang=en
13

Northwest Europe - Gasoil and Diesel Import Volumes7

(Monthly Average in Thousand Metric Tons)

Belgium Germany France Netherlands Adjusted 

Imports*

Oct-20 1,101 1,645 2,195 860 4,704

Nov-20 878 1,432 1,293 865 3,822

Dec-20 727 1,492 2,082 927 4,187

Jan-21 588 1,064 2,734 830 3,849

Feb-21 664 765 2,217 661 3,199

Mar-21 690 1,310 1,711 756 3,612

Apr-21 616 1,389 2,148 496 3,575

May-21 511 1,490 2,068 1,008 4,043

Jun-21 446 1,347 1,892 850 3,589

Jul-21 361 1,640 1,727 604 3,469

Aug-21 562 1,371 1,854 815 3,675

Sep-21 630 1,439 1,564 428 3,279

Oct-21 695 1,567 2,257 946 4,337

Nov-21 528 1,696 2,457 731 4,184

Dec-21 486 1,464 1,898 687 3,586

Jan-22 506 1,211 1,814 1,278 3,902

Feb-22 590 903 1,754 720 3,090

Mar-22 906 1,435 1,683 504 3,687

Apr-22 931 1,141 1,592 1,128 3,996

May-22 806 894 1,733 848 3,415

Jun-22 532 1,065 1,532 1,148 3,511

Jul-22 524 1,117 1,861 911 3,483

Aug-22 529 1,687 1,624 881 3,909

Sep-22 591 1,558 1,559 858 3,787

Oct-22 575 1,490 2,744 1,250 4,687

Nov-22 456 1,455 2,145 1,218 4,202

Dec-22 755 1,670 1,841 1,974 5,320

Jan-23 596 1,723 1,904 1,381 4,652

Feb-23 610 847 1,580 1,734 3,981

Mar-23 517 1,151 1,458 1,036 3,433

Apr-23 567 1,410 2,091 1,214 4,237

May-23 765 1,923 1,674 1,078 4,603

Jun-23 758 1,268 1,470 1,017 3,778

Jul-23 663 1,289 1,658 1,041 3,822

Aug-23 488 1,273 1,422 854 3,326

Sep-23 735 1,055 1,518 1,257 3,806

3-year 

average

636 1,352 1,854 967 3,881

 *Adjusted production reflects a reduction of 50% to the French import volumes plus the other production volumes in the

 aforementioned countries.

7 https://ec.europa.eu/eurostat/databrowser/view/NRG_CB_OILM__custom_7389608/default/table?lang=en