The new contract will feature physical delivery in the New York Harbor area for blending with 10% denatured fuel ethanol (92% purity) as listed by the Colonial Pipeline for fungible F grade.
The new contract will be listed for 12 consecutive months on a rolling basis, starting with the January 2006 contract month. It will trade open outcry in the same trading ring as the existing New York Harbor unleaded gasoline futures contract. Open outcry trading hours will be 10:05 AM until 2:30 PM and after-hours electronic trading on the NYMEX ACCESS® system will occur during the normal hours from 3:15 PM to 9:30 AM Mondays through Thursdays (the Sunday session will begin at 7:00 PM).
The RBOB contract (commodity code RB) will be 42,000 gallons (1,000 barrels) in size, with a minimum price fluctuation of $.0001 dollars per gallon. The last trading day is the last business day of the month prior to the contract month and exchange of futures for physicals (EFP) will be allowed. The fees will be identical to those of the existing New York Harbor unleaded gasoline contract.
The corresponding RBOB options contracts will be listed for trading on October 10.