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.

Read this next

blockdag

BlockDAG X1 Beta App Pioneers in Crypto Mining Amidst Ethereum vs Solana Rivalry and XRP Price Increase

Dive into the details of BlockDAG’s X1 beta app’s global tech presence in Shibuya, Las Vegas, and Piccadilly Circus and its pre-sale triumph during a spike in Ethereum, Solana, and XRP values.

blockdag

BlockDAG Hits $50.4M with Active Dev Release & Community Engagement; Binance Coin Price Drops and JasmyCoin Rallies

Explore how BlockDAG bolsters its reputation through a steady stream of Development releases. Get insights on Binance Coin price trends and the recent Jasmy Coin rally.

Crypto Insider

5 Upcoming Crypto for 10x Gains: How $1000 Can Become $10,000

Consider a situation where a $1000 investment may grow to a whopping $10,000. Astute Bitcoin investors have experienced this as a reality rather than a fantasy.

Retail FX

Weekly Roundup: eToro links up with Elon Musk, US crackdown on Russian FX

Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.

blockdag

Must-Watch Top 5 Crypto Picks for Q2 2024 Featuring BlockDAG, Toncoin, Solana and More

Dive into BlockDAG’s meteoric rise and explore other promising altcoins like Pepe, Toncoin, Solana, and Render for superior returns.

Retail FX

Clone of Admiral Markets draws FCA attention

The United Kingdom’s financial markets watchdog today unmasked another fraudulent entity, this time bringing to light a clone firm that has been posing as FCA-‎authorised brand, Admiral Markets UK Ltd.

Digital Assets

Gemini Earn users to recover $2.18 billion in crypto payouts

Cryptocurrency exchange Gemini has agreed to pay $50 million worth of digital assets to investors in its Gemini Earn program as part of a settlement with the New York Attorney General (NYAG), announced on Friday.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: British Pound (GBP) Weakness, US Inflation, Euro, USD June 14 ,2024

British Pound weakens due to lower inflation expectations, potential policy changes from Reform Party, and broader economic concerns.

blockdag

Q2 2024’s Top 5 Cryptos to Buy: BlockDAG, Pepe, Toncoin, Solana and Render

Learn about 2024’s Q2 top 5 cryptos. Explore potential high-return and advancements of altcoins like BlockDAG, Pepe, Toncoin, Solana, and Render.

<