- Trading Screen Product Name
- Heating Oil Futures
- Trading Screen Hub Name
- NYH
- Hedge Instrument
The delta hedge for the Heating Oil American-Style Option is the
Heating Oil Future (UHO).
- Contract Symbol
O
- Contract Size
1,000 barrels
- Unit of Trading
Any multiple of 1,000 barrels
- Currency
US Dollars and cents
- Trading Price
One hundredth of a cent ($0.0001) per Gallon
- Settlement Price
One hundredth of a cent ($0.0001) per Gallon
- Minimum Price Fluctuation
One hundredth of a cent ($0.0001) per Gallon
- Last Trading Day
Expiration occurs two days prior to the expiration of the
underlying ICE Heating Oil Futures Contract.
- Fixed Price
The traded price or the previous day's settlement price
- Floating Price
In respect of daily settlement, the Floating Price will be
determined by ICE using price data from a number of sources
including spot, forward and derivative markets for both physical
and financial products.
- Final Settlement
The Heating Oil Futures Contract is cash settled against the
prevailing market price for Heating Oil in New York Harbour. The
cash settlement price in USD and cents per Gallon is equal to the
penultimate settlement price for New York Harbor No.2 Heating Oil
Futures Contract as made public by NYMEX for the month of
production as specified within the relevant Contract Rules by
reference to the 2005 ISDA Commodity Definitions.
- Option Style
American style. Option exercise results in an underlying Futures
Contract in the related contract month.
- Strike Price Increments
This contract will support Custom Option Strikes with strikes in
increments of $0.001 within a range of $0.500 to $10.000. This
range may be revised from time to time according to future price
movements. The at-the-money strike price is the closest interval
nearest to the previous business day's settlement price of the
underlying contract.
- Expiration Date
ICE Heating Oil Options can be exercised into ICE Heating Oil
Futures contracts. ICE Futures Europe options contracts are of
American-style exercise, allowing the buyer to exercise call and/or
put options up to 17:00 (London time) hours on any Business Day
(except on expiry day) during the life of the contracts, by giving
an exercise notice to ICE Clear Europe in respect of such
options.
On expiry day, automatic exercise settings are pre-set to exercise
call and put option contracts that are one minimum price
fluctuation or more in-the-money and call option contracts which
are at-the-money with reference to the corresponding daily
settlement price at the designated settlement time as determined by
the Exchange. At-the-money put options will be abandoned.
- Option Premium / Daily Margin
Due to equity-style margining the premium on ICE Heating Oil
Options is paid/received on the day following the day of trade.
Equity-Style Options have no daily Variation Margin payment. The
premium on the Equity-style Options is paid/received on the
business day following the day of trade. Net Liquidating Value
(NLV) will be re-calculated each business day based on the relevant
daily settlement prices. For buyers of options the NLV credit will
be used to off-set their Original Margin (OM) requirement; for
sellers of options, the NLV debit must be covered by cash or
collateral in the same manner as OM requirement.
- Contract Series
Up to 50 consecutive months
- Business Days
ICE Business Days
- Linked Future
Yes
- MIC Code
- IFEU
- Clearing Venues
- ICEU