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Biofuels

As worldwide legislations prioritize climate risk mitigation strategies, biofuels play a key role in meeting national goals of reducing greenhouse gas emissions in the transportation sector. ICE’s futures offering includes first and second-generation biofuels across several locations.

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ICE Biofuels Contracts

Fatty Acid Methyl Ester (FAME) is a biodiesel produced by transesterification of vegetable oils with methanol. The most actively traded future represents the difference between the Argus FAME FOB ARA Range assessment and ICE’s Low Sulphur Gasoil 1st Line Future.

Hydrotreated Vegetable Oil

Hydrotreated Vegetable Oil (HVO) is a biodiesel made by the hydrocracking or hydrogenation of vegetable oils. Launched in July 2022, the HVO FOB ARA Range (Class II) vs Low Sulphur Gasoil 1st Line Future is a second-generation biodiesel contract based on the Argus assessment for HVO produced from used cooking oil (UCO).

Made from used cooking oil, the finished methyl ester, UCOME, is a second-generation biofuel increasingly favored by blenders to satisfy the mandated (EU RED II) shift to waste-based biofuel. Launched in December 2020, the UCOME FOB ARA Range (RED Compliant) vs. Low Sulphur Gasoil 1st Line Future has been actively traded.

The Ethanol T2 FOB Rotterdam (Platts) Future reflects the monthly average settlement of Platts’ assessment for Ethanol with a minimum greenhouse gas saving of 60%.

The biodiesel produced from rapeseed oil is called Rapeseed Methyl Ester (RME), more suitable for cold climates. The differential between the Argus RME FOB ARA Range assessment and ICE’s Low Sulphur Gasoil 1st Line Future is the primary hedging product.

ICE Biofuels Data Center

Argus FAME 0 FOB ARA Range vs Low Sulphur Gasoil 1st Line Future

	Recent OI Activity (lots)

Argus RME FOB ARA Range vs Low Sulphur Gasoil 1st Line Future

	Recent OI Activity (lots)

Argus UCOME FOB ARA Range vs Low Sulphur Gasoil 1st Line Future

	Recent OI Activity (lots)

Ethanol T2 FOB Rotterdam Barges (Platts) Future

	Recent OI Activity (lots)

D6 RINs (OPIS) Future

	Recent OI Activity (lots)

D4 RINS (OPIS) Future

	Recent OI Activity (lots)

Contract names and specs

Contract name	ICE code	Lot size
Argus Biodiesel FAME Zero FOB ARA Range (RED Compliant) vs Low Sulphur Gasoil 1st Line Future	BFZ	100 MT
Argus Biodiesel FAME Zero FOB ARA Range (RED Compliant) Future	FAM	1000 MT
Argus Biodiesel RME FOB ARA Range (RED Compliant) vs Low Sulphur Gasoil 1st Line Future	BRI	100 MT
Argus Biodiesel RME FOB ARA Range (RED Compliant) Future	ABI	1000 MT
Argus UCOME FOB ARA Range (RED Compliant) vs Low Sulphur Gasoil 1st Line Future	UCR	100 MT
Soybean Oil Penultimate Day 1st Line Future	SOY	100 MT
Soybean Oil Penultimate Day 1st Line Balmo Future	SOW	100 MT
Ethanol T2 FOB Rotterdam Barges (Platts) Future	EFR	100 M3
Chicago Ethanol (Platts) Future	ETC	42,000 Gal
New York Ethanol (Platts) Future	ETN	42,000 Gal

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