LONDON, Aug. 3, 2012 /PRNewswire/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, reported a daily volume record in ICE Heating Oil futures of 25,567 on August 2, 2012. The previous volume record was 20,813 contracts on June 19, 2012.
The ICE Heating Oil futures contract is based on New York Harbour no.2 heating oil, with a 2,000 parts per million (ppm) sulphur content. It is the North American equivalent of the actively-traded ICE Gasoil futures contract. Priced in U.S. dollars and cents per gallon, the contract trades for 36 consecutive months at a time. Each contract is sized at 42,000 gallons, the equivalent of 1,000 barrels.
In June this year, ICE Futures Europe announced a change to the underlying specification of the Heating Oil Futures and options contracts to an Ultra Low Sulphur Diesel (ULSD) grade of 15 parts per million (ppm) from and including the May 2013 contract month. The move follows a bill issued by the Senate of New York State which limits the sulphur content of heating oil to a maximum of 15 parts per million (ppm) from July 2012. The new specification will align closely with the underlying quality of the ICE Low Sulphur Gasoil futures contract, launched in September 2011.
Contract listings up to and including April 2013 will continue to reflect the market price for No.2 Heating Oil (2,000 ppm sulphur content) in New York Harbour.
IntercontinentalExchange (NYSE: ICE) is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe hosts trade in half of the world's crude and refined oil futures. ICE Futures U.S. and ICE Futures Canada list agricultural, currencies and Russell Index markets. ICE is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers in more than 70 countries. www.theice.com
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