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Rotterdam gasoil is a low-sulfur product equivalent to U.S. heating oil. It is used as a benchmark for distillate fuel oil markets, primarily diesel fuel and heating oil, in Europe. This contract is the differential between barge lots of Rotterdam gasoil 10 PPM and the gasoil (ICE) futures contract.
The price settlement of the European gasoil 10 PPM Rotterdam barges futures contract is equal to the arithmetic average of the mid-point between the high and low quotations from Platts European Marketscan for "Gasoil 10 PPM Barges FOB Rotterdam" minus the first line gasoil (ICE) futures average for each business day that both are determined during the contract month. The 1,000-metric-ton contract size represents a commonly traded market unit in Europe.
All position are aggregated and margined according to the value at risk as calculated by the SPAN system. Cross margining of offsetting positions across markets can result in reduced margin obligations.
The contract is financially settled.
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