Contact Specifications | Trade Futures


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Trading Unit

Futures: 42,000 U.S. gallons (1,000 barrels). Options: One NYMEX Division New York Harbor unleaded gasoline futures contract

Trading Hours

Futures and Options: 9:50 A.M. – 3:10 P.M., for the open outcry session. After-hours trading is conducted via the NYMEX ACCESS® electronic trading system starting at 4 P.M. on Monday through Thursday, and concluding at 8 A.M. On Sunday, the electronic session begins at 7 P.M. All times are New York time.

Trading Months

Futures: Trading in New York Harbor unleaded gasoline is specified for 18 consecutive months commencing with the next calendar month. The Exchange has adopted Phase I Complex Model Reformulated gasoline standards (RFG) beginning with the Jan 1998 contract but due to uncertainty over implementation, will only list 12 months of trading until further notice.

Options: Twelve consecutive months.

Price Quotation

Futures and Options: In dollars and cents per gallon, for example, $0.5022 (50.22 ¢) per gallon.

Minimum Price Fluctuation

Futures and Options: $0.0001 (0.01 ¢) per gallon ($4.20 per contract).

Maximum Daily Price Fluctuation

Futures: $0.40 (40 ¢) per gallon ($16,800 per contract) for the first two contract months. Initial back month limits of $0.04 (4 ¢) per gallon rise to $0.06 (6 ¢) per gallon if the previous day’s settlement price in any back month is at the $0.04 per gallon limit. In the event of a $0.20 (20 ¢) per gallon move in either of the first two contract months, back month limits are expanded to $0.20 per gallon from the limit in place in the direction of the move.
Options: No price limits.

Last Trading Day

Futures: Trading terminates at the close of business on the last business day of the month preceding the delivery month.

 Options: Beginning with the August 1997 contract, trading will end three business days before the underlying futures contract. All prior contracts expire on the Friday before the termination of futures trading, unless there are less than three trading days left to futures termination, in which case, options expire two Fridays before the futures contract.

Exercise of Options

By a clearing member to the Exchange clearinghouse not later than 5:30 P.M., or 45 minutes after the underlying futures settlement price is posted, whichever is later, on any day up to and including the option’s expiration.

Option Strike Prices

Twenty strike prices in one-cent increments above and below the at-the-money strike price and the next ten strike prices are in five-cent increments above the highest and below the lowest existing strike prices for a total of 61 strike prices.  The at-the-money strike price is the nearest to the previous day’s close of the underlying futures contract.  Strike price boundaries are adjusted according to the futures price movements.

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F.O.B. seller’s facility in New York Harbor ex-shore. All duties, entitlements, taxes, fees, and other charges paid. Requirements for seller’s shore facility: capability to deliver into barges. Delivery may also be completed by pipeline, tanker, book transfer, or inter- or intra-facility transfer. Delivery must be made in accordance with applicable federal, state, and local licensing and tax laws.

Delivery Period

Deliveries may only be initiated the day after the fifth business day and must be completed before the last business day of the delivery month.

Alternate Delivery Procedure (ADP)

An Alternate Delivery Procedure is available to buyers and sellers who have been matched by the Exchange subsequent to the termination of trading in the spot month contract. If buyer and seller agree to consummate delivery under terms different from those prescribed in the contract specifications, they may proceed on that basis after submitting a notice of their intention to the Exchange.

Exchange of Futures For, or in Connection with, Physicals (EFP)

The commercial buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange. EFPs may be used to either initiate or liquidate a futures position.

Grade and Quality Specifications

Generally conforms to industry standards for Simple Model Reformulated Gasoline through December 1997 and Phase 1 Complex Model Reformulated Gasoline from January 1998 onwards.


The buyer may request an inspection for grade and quality or quantity for all deliveries, but shall require a quantity inspection for a barge, tanker, or inter-facility transfer. If the buyer does not request a quantity inspection, the seller may request such inspection. The cost of the quantity inspection is shared equally by the buyer and seller. If the product meets grade and quality specifications, the cost of the quality inspection is shared jointly by the buyer and seller. If the product fails inspection, the cost is borne by the seller.

Position Limits

7,000 contracts for all months combined, but not to exceed 1,000 in the last three days of the trading in the spot  month or 5,000 in any one month.

Margin Requirements

Margins are required for open futures or short options positions. The margin requirement for an options purchaser will never exceed the premium.

Trading Symbols