ICE delivers Russian-free barrels of ICE Gasoil and expands ESG data in APAC

Rick Steves

ICE changed the methodology for Low Sulphur Gasoil futures from previously delivering diesel from any origin, to deliver diesel that does not include any originating from Russia. ICE Gasoil is the global benchmark for refined oil products.

Crude oil

Intercontinental Exchange has announced the first delivery of Low Sulphur Gasoil futures since Russian oil was excluded from the contract at the end of 2022.

In addition, ICE expanded its ESG company data in the Asia-Pacific region and now offers global coverage of 16,000 companies across 105 countries. With this expansion, ICE provides high-quality, granular data mapped to approximately 1.4 million corporate equity and fixed income securities.

Sanctions prevent delivery or export of Russian oil in the European Union (EU)

Following extensive consultation with market participants, and in line with sanctions preventing the delivery or export of Russian oil in the European Union (EU) which took effect from February 5, 2023, ICE changed the methodology for Low Sulphur Gasoil futures from previously delivering diesel from any origin, to deliver diesel that does not include any originating from Russia. ICE Gasoil is the global benchmark for refined oil products.

A total of 69,800 tons entered the delivery process, with Gasoil delivered in the Amsterdam, Rotterdam, and Antwerp areas, in-line with the amount delivered in January 2022. Gasoil open interest is at 596,900 contracts, up 13% since the start of the year, with trading volumes up 40% in January 2023 versus December 2022.

Jeff Barbuto, Global Head of Oil Markets at ICE, said: “ICE worked closely with market participants and regulators to design a workable solution for our customers, so that they can confidently participate in physical delivery and trade Gasoil with the knowledge that the contract is EU sanctions compliant and fully representative of physical distillates flows. It is encouraging to see customers engaging in the new, Russian-Free Gasoil contract through the delivery mechanism and on a financial trading basis.”

The ICE Low Sulphur Gasoil Futures contract has a successful 42-year history as a physically deliverable futures contract for what is now ultra-low sulphur diesel.

The contract forms part of ICE’s global crude and refined product complex which includes Brent crude, the price barometer for approximately 80% of global crude, WTI, Midland WTI Gulf Coast (HOU), (Platts) Dubai, and Murban benchmarks. These provide the foundation for over 600 related oil products spread over multiple geographic markets, giving participants access to the products they need at the point of consumption or production.

ICE expands ESG company data to 1.4 million securities

With the Asia-Pacific coverage expansion, ICE now provides data on all the constituents included in the most widely used benchmarks in the region, including the Nikkei 225, ASX300, Topix 1000, and Shenzhen 300. ICE also increased the numbers of constituents covered in its global fixed income benchmark, the ICE BofA Global Corporate and High Yield Index (GI00), to more than 19,000.

Elizabeth King, President of Sustainable Finance and Chief Regulatory Officer at ICE, commented: “By expanding our coverage of ESG Company Data in Asia-Pacific, we can better serve our clients with global portfolios and the regional asset managers who need high-quality data to support their ESG integration efforts. This expansion, combined with ICE’s unique security linkage capabilities, enables more ESG coverage of fixed income securities which has historically been a challenge for investors. With the growing demand for more disclosure from regulators and other stakeholders, there’s an increasing need for access to raw data to improve ESG reporting.”

In January, ICE also expanded its global corporate emissions and targets data, which now covers more than 600,000 fixed income securities. This expansion results from the integration of climate data provided by Urgentem, which ICE acquired in June 2022.

ICE’s ESG Company Data is part of the company’s growing global portfolio of sustainable finance offerings, which includes climate risk data and analytics of physical climate risk, transition risk, emissions and targets, and social impact data for the U.S. municipal bond market, the mortgage-backed securities universe, sovereign, corporates and real estate.

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