REFINED PRODUCT BENCHMARKS. IMPLICATIONS & OPPORTUNITIES Antwerp, January 2014

Transcription

1 REFINED PRODUCT BENCHMARKS IMPLICATIONS & OPPORTUNITIES Antwerp, January 2014

2 LEGAL DISCLAIMER Forward-Looking Statements This presentation may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of Statements regarding our business that are not historical facts are forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. These statements are not guarantees of future performance and actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statement. For a discussion of certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements see our filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2008, as filed with the SEC on February 11, SEC filings are also available in the Investors & Media section of our website. All forward-looking statements in this presentation are based on information known to us on the date hereof, and we undertake no obligation to publicly update any forward-looking statements. The following are registered trademarks of IntercontinentalExchange, Inc. and/or its affiliates: IntercontinentalExchange, IntercontinentalExchange & Design, ICE, ICE and block design, Global Markets in Clear View, ICE Futures Canada, ICE Futures Europe, ICE Futures U.S., ICE Trust, ICE Clear, ICE Clear Europe, ICE Clear U.S., ICE Clear Canada and ICE Data. For more information on registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliates, see The financial instruments discussed in this publication may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. If a financial instrument is denominated in a currency other than an investor s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from, the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financial instruments described in this publication, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results. Derivative transactions involve numerous risks including, among others, market, counterparty default and illiquidity risk. The appropriateness or otherwise of these products for use by investors is dependent on the investors' own circumstances including their tax position, their regulatory environment and the nature of their other assets and liabilities and as such investors should take expert legal and financial advice before entering into any transaction similar to or inspired by the contents of this publication. 2

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5 WELCOME: REFINED PRODUCT BENCHMARKS - IMPLICATIONS & OPPORTUNITIES TODAY S SESSION Mike Davis - Director of Market Development, ICE Futures Europe Content Introduction: contexts, ICE role in crude and benchmarks Oil pricing basics and the role of the ICE Gasoil contracts The fundamental changes taking place in global oil flows and balances Consequences for oil markets and benchmarks How ICE Gasoil is evolving in response to the changes Update on the transition, trading the Low Sulphur Gasoil basis Q & A Key take-aways: Refined petroleum flows and markets are in a period of dynamic change Commodity futures benchmark performance and reliability is closely related to the infrastructure of their underlying physical market Water-borne contracts best fulfil the rationale for oil s global benchmarks ICE Gasoil benchmarks are positioned to align with and adapt to fundamental changes Durable and strong benchmarks evolve with underlying physical markets 5

6 OIL PRICING BASICS Price benchmarks do the heavy lifting for oil price discovery, enabling other grades to be traded in reference to the most liquid flat price instruments, providing security and liquidity to the whole 95% of oil is sold on an unknown forward average price suiting all parties Spot physical trade only represents around 5% of the total; remainder is contract or term pricing on a monthly average typically Price is a key driver to producers, refiners and end-users, deciding whether fields are explored, developed or closed down; refineries built/ sold Price reporting agencies help to re-fix those floating average prices, risk management tools enable values to be discovered, tested and secured Modern risk tools like screen-based futures provide price discovery in flat price terms and potentially exact hedges for all physical types of oil 6

7 WHAT MAKES A (RELIABLE/NEW) BENCHMARK It solves a (pricing) problem It has a diversified community of sellers and buyers It has a critical mass of production or supply It is openly traded, not destination limited or bottlenecked It is located in a suitable jurisdiction in legal, regulatory & tax terms It is accepted as a regional or global aggregator of price/quality It has a sufficiently standardised physical trading contract regime 7

8 ICE FUTURES EUROPE: THE ICE GASOIL FUTURES CONTRACTS The ICE Gasoil contracts are the most liquid and widely-traded global distillate benchmarks ICE Gasoil current ADV of c.250k lots is still around the same as the two NYMEX products put together (140k + 130k for HO & RBOB) All European middle distillates products, physical and paper are priced at a differential to ICE Gasoil ICE Low Sulphur Gasoil is positioned as the global benchmark for the much larger global diesel market ICE LS Gasoil reflects the global move to lower sulphur distillates and will replace the existing 0.1% Sulphur ICE Gasoil contract

9 9 ICE LOW SULPHUR GASOIL: EUROPE SETS GLOBAL DIESEL PRICE PHYSICAL ARBITRAGE PRICES US & ASIAN EXPORTS TO EU

10 SPREAD TRADING & INDEX REPLICATION: ICE GASOIL FUTURES GROWTH IN FORWARD CURVE LIQUIDITY ICE Low Sulphur Gasoil (10ppm Diesel Barges) Pricing flows east & west Spread trading on-screen between the two gasoil futures contracts is available & growing on ICE ICE Low Sulphur Gasoil futures Open Interest establishing successive new OI records January 2014, passed ICE Heat Volumes and Open Interest for ICE LS Gasoil related derivatives instruments have seen increased growth in recent months, with record Open Interest for OTC contracts at 127 million bbls January 21, 2014 ICE LS Gasoil related OTC instruments such as the ICE Low Sulphur Gasoil 1 st Line vs. Brent 1 st Line Future traded a record 4,770 lots December 09, 2013 Millions bbls Low Sulphur Gasoil Related Contracts Open Interest Growth ICE Low Sulphur Gasoil Futures OI in bbls OTC Low Sulphur Gasoil OI in bbls Global demand (M tonnes/yr) for diesel/gasoil will grow over the next decade, while gasoline demand stagnates Source: Purvin and Gertz

11 OIL MARKET HIGHLIGHTS: ICE GASOIL THE ICE GASOIL GROWTH STORY ICE Gasoil the global refined product leaderphysical & financial markets New refining capacity, esp. in Mid and Far East, Jamnagar, Russia, China and USGC Growth in diesel market (x2 to x4 heating oil market} Global Spec evolution, green agenda Europe short diesel, importance of clean transport fuels as driver of the crude US imports of 61 grade targeting diesel margins China uses diesel as short term fuel in marginal power generation classic migration from coal and fuel oil to distillates for oil-intensive economy Latin America & West African flows - big increase in their imports from EU last 2 yrs pricing ICE Gasoil plus EFP European trade flows: few prospects of a diminishing of the gasoil and jet/kerosene shortfall 80 (Thousand Tonnes) Gasoline Jet/Kero Gasoil/Diesel 60 80HFO Naphtha Gasoline Jet/Kero Gasoil/Diesel Net Imports Net Exports HFO Naphtha (Million Tonnes/year) 11 Source: Purvin and Gertz Other non-geographical reasons for Gasoil s globalisation: Distillate crack price versus others, increasingly the key product driver- echoes longer-term storage trend Decline of gasoline and destruction of FO - this is the refined crack to watch now, despite gasoline pickup Switch of OTC to on-screen hedging Spreaders like low spread volatility, index funds on rolls Seaborne, arbitraged equilibrium price Bunkers are also set to enter the Gasoil slate, 1000ppm IMO SECAs from 2015 especially Source: BP Energy Outlook 2035,

12 EUROPEAN PRODUCT DEMAND OUTLOOK: DRIVERS FOR LAUNCH RISE IN LOW SULPHUR DIESEL AS % OF PRODUCT SLATE HFO 11% Others 20% Gasoline 15% Jet / Kero 9% HFO 8% Others 21% Gasoline 9% Jet / Kero 10% Gasoil 14% million tonnes Diesel 31% Gasoil 11% Source: Purvin and Gertz million tonnes Diesel 41% 10ppm Diesel increasingly the global boilerplate distillate product, policy makers everywhere favouring cleaner products Growth in transport vs. heating fuels, positive refining margins as gas backs out heating oil Rise in diesel vehicle fleet vs. gasoline Heat still important but diesel globally larger, fall in demand/supply in core Europe for 0.1%

13 EUROPEAN GASOIL DEMAND BY SULPHUR Europe Gas Oil/Diesel Demand by Sulphur Content [million b/d] ppm 50 ppm 350 ppm 1000 ppm 3000 ppm Source: JBC Energy Source: JBC Energy GmbH 13

14 DIESEL DISTILLATE CORE PRODUCT New refineries in Asia and the Middle East will export low sulphur to meet the European shortfall US refineries increasing flexibility/capacity to produce distillates for export to Europe Distillates will be crucial cut for barrel- growing in transport fuels as NatGas grows vs. gasoil for heating Increasing low sulphur distillate flows from ARA pricing relative to ICE Gasoil Diesel car fleet globally going to drive demand (up to 40% penetration by 2020) ICE GASOIL SULPHUR CONTENT 14

15 ICE LOW SULPHUR GASOIL FUTURES QUALITY/CONTRACT FEATURES Based on EN590 DIN Motor diesel specification EU benchmark grade 10ppm sulphur, 46 index cetane, Flash 56 Summer/winter cold properties (Apr-Sep +5/-2, Oct-Mar -7/-22) Contract otherwise very similar to existing ICE gasoil Physically delivered by barge in ARA region 100 metric tonne lot size, 25cts/mt tick ($25) Same expiries, same trading times Underlying oil evolving, contract very familiar otherwise Two run in parallel until January

16 ICE LOW SULPHUR GASOIL HEDGING AND TRADING OPPORTUNITIES ICE Low Sulphur Gasoil futures & options Outrights to June 2018 Spreads Options On-screen intercommodity spreads LS Gasoil vs. Gasoil the Hi-Lo Gasoil or LOGO spread (ULS- GAS) LS Gasoil crack vs. Brent (ULS- BRN) Heating Oil / Low Sulphur Gasoil (HO-ULS) or HOLO RBOB / Low Sulphur Gasoil (RBR-ULS) Low Sulphur OTC First lines, cracks, differentials to LSG, including Diesel, Jet, Gasoil physical

17 ICE LOW SULPHUR GASOIL TRADING UPDATE Steady increase in trading activity/ volumes Around 50 companies are already active in the ICE LS Gasoil contract to date, including oil majors/refiners, banks, trading houses, and proprietary traders, more joining every week Size has attracted size when indicated on-screen Nearby intermonth and now Hi-Lo Gasoil spreads have shown strongest liquidity, frequently 1-3 ticks apart at peak liquidity, with spread trading taking place out to December 2014 ICE LS Gasoil seeing fresh Exchange of Futures for Physical (EFP) trade January 2014, previous highest volume of EFP being in the April 2012 Contract, and the first Block trade (100 Lots) in March 2012 ICE LSG Futures has had deliveries most months, the largest of 1,260 lots (126,000 metric tonnes) in August 2012 Hi-Lo Gasoil spreading expanded during 2H2013 with forward on-screen indications now to Dec 2016 S&P GSCI has signalled index transition to LS Gasoil in Q2/ Two-way Gasoil implication engine in late 2013 Russia has banned domestic use of and ceased export of 1000ppm Gasoil Volume (Lots) ICE Low Sulphur Gasoil Futures Volume and Open Interest Volume (Left Axis) Open Interest (Right Axis) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Open Interest (Lots) 17

18 ICE LOW SULPHUR GASOIL HEDGING AND TRADING OPPORTUNITIES Outright or spread basis in a deliverable future Most influential global refined product market, most significant portion of refining margin Transport liquid fuels growing in influence relative to heating fuels (vs. Gas) Hedge and make/take delivery using EU s primary diesel benchmark Key global export and arbitrage product from US to EU, Mideast and Far East also to EU Correlation with physical markets in both barges and cargoes, plus Jet also much closer in price than 0.1% Gasoil, close on density also to Jet Take a view on seasonal patterns and on macro conditions for refiners in east and west 18

19 ICE LS GASOIL SPREADS TRADING DISTRIBUTION Broader combination of spreads traded on-screen Regular indications down to Dec 16 now; Increasing Dec14/Dec15, Dec15/Dec16 screen liquidities LSG /GO (High-Low Sulphur Gasoil) has been increasingly active since the beginning of 2012, especially in the first line months $/mt ICE LS Gasoil Time Spreads Trading Distribution $/mt ICE High-Low Gasoil Differentials Screen Activity Dec15/Dec16 Dec14/Dec Dec13/Dec14 Dec12/Dec13 Dec14/Jan Jan14/Feb14 Apr12/May12 Feb12/Mar Nov12/Dec12 Jan12/Feb12 Mar12/Apr12 May12/Jun Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 0 Dec-2011 May-2012 Oct-2012 Mar-2013 Aug-2013 Jan

20 ICE LOW SULPHUR GASOIL HEDGING AND TRADING OPPORTUNITIES Hedging and Trading Opportunities Outright or spread basis in deliverable future, and direct protection on outright exposure Hedge and make/take delivery using EU s primary diesel benchmark Take a view on seasonal patterns and on macro conditions for refiners in east and west Key export and arbitrage product from US to EU, Mideast and Far East also to EU Flexibility OTC instruments to hedge product basis risk ICE Futures and OTC Instruments ICE LS Gasoil Futures or first line OTC (Quarterly, Calendar) ICE LS Gasoil Option On-screen American Style ICE LS Gasoil Average Price Option/European Style Option Can also deliver physical gasoil into futures screen (if not +/- EFP before) ICE LS Gasoil Time Spread (summer grade: Apr-Sept; winter grade: Oct-Mar) ICE LS Gasoil 1 st Line/Brent 1 st Line Crack available via ICE LSG/Brent futures spread on-screen, or OTC crack in bbls or MT NYH Heating Oil vs. LS Gasoil Futures on-screen spread Singapore Gasoil (0.05% S) vs. LS Gasoil 1 st Line 0.1% Gasoil FOB Rdam Barges vs. LS Gasoil 1 st Line High-Low Sulphur Gasoil Diff spread available on screen Diesel 10ppm FOB Rdam Barges vs. LS Gasoil 1 st Line Jet CIF NWE Cargoes vs. LS Gasoil 1 st Line 20

21 ICE GASOIL AND SEASONALITY ICE Gasoil and LS Gasoil prices are primarily affected by: Northern hemisphere winter season Consumption demand/logistics Refining constraints for LS Gasoil/sweet crude Distillate arbitrage prices ex-europe Related to stocks/storage in Northwest Europe and the US Generally expect to see stocks build in Q3, some value purchases in EU Worth watching returns to storage in summer months Winter typically gives rise to a backwardated market Macro influences may cancel these out ICE Gasoil single seasonality, Nov-Feb in Europe, prices and volatility Logistics inland - water/snow 21

22 ICE LOW SULPHUR GASOIL HEDGING AND TRADING OPPORTUNITIES - SPREADS Can take position between high and low sulphur product - first on-screen spread complements OTC Brent/Dubai crude spread Futures spreads to: 0.1%, Brent, Heat and RBOB OTC Diff contracts offer basis hedging to: Brent, 10ppm barges and cargoes (N & S), 50ppm barges, Jet cargoes and barges Value % 99.00% 97.00% 95.00% 93.00% 91.00% 89.00% 87.00% Price Correlation of Jet vs. ULSD 10ppm/Gasoil 0.1% - 30-Day Average ULSD 10ppm FOB Rdam Barge vs. Jet CIF NEW Cargo (Value %) Gasoil 0.1% FOB ARA Barge vs. Jet CIF NEW Cargo (Value %) Strong correlation with Jet - closest thing to a liquid Jet future that is likely to attract significant liquidity Jet expected to lead global product growth with diesel 85.00%

23 JET PRICING & HEDGE COMPONENTS (JET CIF NWE EXAMPLE) 100% - Jet Diff l: $10/bbl - 100% Correlation - 96% 93% - 82% - % of Jet price Jet: $137/bbl Correlation Brent: $112/bbl Brent/Gasoil crack: $15/bbl (NOT TO SCALE) Brent: $112/bbl - 93% - 82% ICE LS Gasoil: $131/bbl % of Jet price 23 Jet outright price: Platts CIF NWE USGC Jet 54 Singapore Jet FOB Crude proxy hedge: ICE Brent crude futures Seaborne Correlation critcial Forward liquidity-2/3 years Relevant to all global price discovery Basis risk slice & dice: Platts CIF NWE USGC Jet 54 Singapore Jet FOB Can hedge parts opportunistically, Hedge crude first, then crack, then diff l Low Sulphur Gasoil proxy hedge: Platts CIF NWE USGC Jet 54 Singapore Jet FOB

24 ULSD ARBITRAGE: USAC VS. NWE HOGO TO HOLO - TRANSATLANTIC ARB. VIA FUTURES SPREADS Futures Diff - NYH Heating Oil vs. ICE LS Gasoil ($/gal) NYH Heating Oil vs. ICE LSG Front Month Spread - Freight Adjustment (TC2) NYH HO vs. ICE LSG ($/gal) Baltic TC2 Index $/gal NYH Heating Oil vs. ICE LSG ($/gal) (Left Axis) Baltic TC2 Index ($/gal) (Right Axis) The differential price between ULSD NYH ULSD/Heating Oil and ICE LS Gasoil reflects the product arbitrage between US Atlantic Coast and Northwest Europe (TC2 Freight at least a partial hedge)

25 ICE LOW SULPHUR GASOIL TRADING INSTRUMENTS ICE LOW SULPHUR GASOIL RELATED CONTRACTS AND CODES ICE Low Sulphur Gasoil futures & options Outrights to Dec 2016 Spreads Options On-screen inter-commodity spreads LS Gasoil vs. Gasoil the Hi-Lo Gasoil or LOGO spread (ULS-GAS) LS Gasoil crack vs. Brent (ULS-BRN) Heating Oil / Low Sulphur Gasoil (HO-ULS) RBOB / Low Sulphur Gasoil (RBR-ULS) ICE Low Sulphur Gasoil OTC Gasoil Outright LS Gasoil 1 st Line Swap and Average Price Option (Asian Style) (ULA) Gasoil Crack LS Gasoil 1 st Line vs. Brent 1 st Line (ULD) Gasoil Diff 0.1% Gasoil FOB Rotterdam Barges vs. LS Gasoil 1 st Line (ULR) Gasoil Diff Diesel10ppm Barge FOB Rdam vs. LS Gasoil 1 st Line (ULE) Gasoil Diff ULSD 10ppm CIF NWE Cargoes vs. LS Gasoil 1 st Line (ULF) Jet Diff JET CIF NWE Cargoes vs. LS Gasoil 1 st Line (ULJ)

26 LOGICAL OFFSETS FOR CAPITAL EFFICIENCY, CASH FLOW Logical commodity side A ProductA Logical commodity side B ProductB New credit per leg (varying according to tiers) ULS Low Sulphur Gasoil Future BRN IPE Brent Futures 85% - 66% ULS Low Sulphur Gasoil Future GAS IPE Gas Oil Futures 95% - 75% ULS Low Sulphur Gasoil Future WBS ICE WTI 78% - 65% ULS Low Sulphur Gasoil Future UHO ICE Heating Oil Futures 80% - 80% ULS Low Sulphur Gasoil Future UHU Logical commodity side A ProductA Logical commodity side B ICE NYH (RBOB) Gasoline Futures ProductB 75% - 65% New credit per leg (varying according to Tiers) ULS Low Sulphur Gasoil Future BSP 1st Line Swap - Brent 85% - 60% ULS Low Sulphur Gasoil Future GSP 1st Line Swap (LS) GasOil 92% - 70% NFG ULSD 10ppm Cargoes CIF Low Sulphur Gasoil Future ULS/ULA NWE/Gasoil 1st Line Swap LS Gasoil 1st Line 30% ULN ULSD 10ppm CIF NWE Cargoes Low Sulphur Gasoil 1st Line ULA Swap Swap 85% - 65% GCW 0.1pc Gasoil CIF NWE Cargoes Swap ULS/ULA Low Sulphur Gasoil Future LS Gasoil 1st Line 95% - 80% GOF 0.1pc Gasoil FOB Rdam Barges Swap ULS Low Sulphur Gasoil Future 95% - 80% GRB 0.1% Gasoil Barges FOB RDAM vs Low Sulphur Gasoil Future ULS/ULA Brent 1st Line Swap LS Gasoil 1st Line 45% GUU Gulf Coast ULSD Swap ULS/ULA Low Sulphur Gasoil Future LS Gasoil 1st Line 85% - 75%% GOH Gulf Coast ULSD vs Heating Oil 1st Line Swap BSP 1st Line Swap - Brent 20% JCN Jet CIF NWE Cargoes Swap ULS Low Sulphur Gasoil Future 95% - 80% JCF Jet54 US Gulf Coast Pipeline Swap UHO Heating Oil Future 88% - 80%

27 WHY USE ICE IN LOW SULPHUR AND DIESEL MARKETS? Why trade Low Sulphur Gasoil at ICE? Opportunity to trade a highly influential refined product in its key region Outright, spread, inter-product low sulphur instruments in futures and options ICE Gasoil liquidity in place already, now 10ppm specification to complement existing Gasoil & on-screen arbitrage Hedge efficiency: ICE Brent/Jet correlation - product prices discovered internationally, seaborne crude/products correlate better Margin offsets for maximum capital efficiency/minimum cash flow volatility in clearing- offset examples OTC flexibility via those bases list of relevant OTC instruments in Jet ICE offers a global instrument reach for global trade 27

28 TRANSITION MECHANISMS Screen trading Screen trading facility for LS Gasoil vs. 0.1% spread, growing multi-hundred lot liquidity The Exchange has extended the Exchange for Related Contract (EFM) mechanism to Gasoil Participants can exchange positions in the existing Gasoil contract for positions in the LS Gasoil Contracts For more information: LS Gasoil fees (including Block Trades, EFPs and EFSs) so far the same as the existing contract Incentives for transition, matching margins OTC Evolution: ICE has a comprehensive series of cleared futures contracts on LS Gasoil basis Continuing dialogue with market on Low Sulphur Gasoil market 28

29 EXISTING ICE GASOIL (0.1%) CONTRACT Will continue to be available for trading Will continue to be listed for trading on the basis of its existing 1000ppm (0.1%) sulphur specification until and including January % Gasoil 2015 onwards derivative contracts The International Swaps and Derivatives Association (ISDA) issued a Best Practice discussion statement on the treatment of legacy 1,000ppm Gasoil OTC contracts, potentially allowing ICE LS Gasoil to provide much of the settlement basis for 1,000ppm OTC contracts (in the absence of the existing ICE Gasoil Futures after January 2015) 29

30 ICE LOW SULPHUR GASOIL FUTURES CONTRACT SPECIFICATION The ICE Low Sulphur Gasoil Futures Contract is designed to provide users with an effective hedging instrument and trading opportunities. Its underlying physical market is diesel barges delivered in the ARA region (Amsterdam, Rotterdam, Antwerp including Flushing and Ghent). Contract Symbol Contract Size Units of Trading Currency Trading Price Settlement Price Trading Hours Last Trading Day Contract Series Final Settlement Clearing Venue Clearing Admin Name Link 30 ULS 100 Metric Tonnes One or more lots of 100 Metric Tonnes of Low Sulphur Gasoil (10ppm Diesel), with delivery by volume namely Cubic Metres per Lot being the equivalent of 100 Metric Tonnes of Low Sulphur Gasoil (10ppm Diesel) at a density of Kg/Litre in vacuum at 15 C. US Dollars and Cents Twenty-five cents ($0.25) per Metric Tonne Twenty-five cents ($0.25) per Metric Tonne UK Hours Open 01:00 London local time (23.00 on Sundays) Close 23:00 London local time. EST Hours Open 20:00 (18:00 on Sundays) Close: 18:00 the following day. Chicago Hours Open 19:00 (17:00 on Sundays) Close: 17:00 the following day. Trading shall cease at 12:00 hours, 2 business days prior to the 14th calendar day of the delivery month. Up to 36 consecutive months forward and then quarterly out to 48 months, then half yearly out to 60 months. Physical delivery within the ARA area between the 16th and the last calendar day of the delivery month. **Deliveries between the months of October and March must be of winter grade quality with deliveries outside of these months (i.e. from April to September) being of summer grade quality. A full specification will be published on the ICE website under the ICE Low Sulphur Gasoil Futures contract web page. ICEU IPE e-gas Oil / Options-IPE e-gas Oil

31 NEXT STEPS Additional Resources for ICE Brent and Gasoil Contracts: Product Information: ICE Brent FAQ: Webinars: Contract Specifications: ICE Brent Futures: ICE Brent Options: ICE Low Sulphur Gasoil Futures: ICE Low Sulphur Gasoil Options: HELPFUL LINKS: OTC Cleared Energy Markets ICE OTC Energy Markets general overview Cleared OTC Product List ICE OTC Energy Markets general overview OTC Clearing Members List An updated list of ICE OTC Clearing Firms OTC Clearing Guide An informative user s guide for Clearing Firms and participants ICE Help Desk For all administrative, trading, and technical related inquires 31

32 RESOURCES For more information on ICE products Oil markets please contact: Mike Davis Director, Market Development +44 (0) Jean-Luc Amos - Oil Products Manager +44 (0) jean-luc.amos@theice.com Sales: Europe: Aaron Gill - MD Sales, Europe +44 (0) aaron.gill@theice.com Deborah Pratt - Director, Oil Marketing +44 (0) deborah.pratt@theice.com Options: Michelle Payne - Director, Accounts +44 (0) michelle.payne@theice.com US: Jeff Barbuto, VP Sales, Americas jeff.barbuto@theice.com Asia: Jennifer Ilkiw - VP Sales, Asia-Pacific jennifer.ilkiw@theice.com ICE Help Desk: ICEHelpDesk@theice.com 32

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