RTS Settled First Gasoil Futures Contracts
OREANDA-NEWS. June 15, 2010. Futures contracts on gasoil (DS-06.10) were settled within the cooperation between Saint Petersburg Exchange and RTS Stock Exchange.
As in the contract’s specifications the settlement price equals the value of the Kortes Gasoil Index published by the information analysis center "KORTES" on the contract’s last trading day. For June gasoil futures the settlement price reached RUB15,916 per 1 ton. In total 538 contracts were settled for RUB8.56 million.
Trading in the cash-settled futures on gasoil was launched on April 16, 2010 as a joint initiative of Saint Petersburg Exchange and RTS Group. The new instrument is the first cash-settled ruble denominated oil product contract targeting the local market.
During the lifetime of June contracts 427 trades were executed representing 17,974 contracts. The maximum trading volume was seen on May 11, 2010 when market participants traded 3,668 contracts for a record value of RUB61 million.
From May to June, 2010 the Kortes Gasoil Index lost 7.74% to end up at RUB15,916 per ton. For the same period the price of the futures contract DS-06.10 went down by 8.19%. It clearly demonstrates the close correlation between the local oil products market and the futures market.
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