CFE Gas At The PumpSM Futures (GAPP futures) are cash-settled futures contracts, settled on a monthly basis, designed to track the price of regular octane gasoline sold at retail gasoline outlets in the United States. CFE initially launched six different GAPP futures: one based on the weighted average price estimate of reformulated, regular octane gasoline sold in retail gasoline outlets across the United States as reported by the Energy Information Administration (EIA), and five based on the price of reformulated or conventional, regular octane retail gasoline outlet prices in five geographic regions, known as Petroleum Administration for Defense Districts (PADDs), as established by the EIA. The five PADDs on which GAPP futures are based are as follows: East Coast, Midwest, Gulf Coast, Rocky Mountain, and West Coast.
GAPP futures are traded electronically, via CBOEdirect, and are cleared through the triple-A rated Options Clearing Corporation. The settlement price for CFE U.S. Gas At The Pump Futures will be the weighted average price estimate of reformulated, regular octane gasoline sold in retail gasoline outlets across the United States, as reported by the EIA. The settlement price for CFE East Coast Gas At The Pump Futures, CFE Midwest Gas At The Pump Futures, and CFE West Coast Gas At The Pump Futures will be the weighted average price estimate of reformulated, regular octane gasoline sold in retail gasoline outlets in the applicable PADD, as reported by the EIA. The settlement price for CFE Gulf Coast Gas At The Pump Futures and CFE Rocky Mountain Gas At The Pump Futures will be the weighted average price estimate of conventional, regular octane gasoline sold in retail gasoline outlets in the applicable PADD, as reported by the EIA.
Price quotations are in cents per gallon of gas. For example, a retail gas price of $2.98 per gallon would equate to a price quotation of 298.00. The last trading day is the third Friday of the expiring month. Trading hours are 8:30 a.m. to 3:15 p.m., Chicago time. At expiration, GAPP futures will be cash-settled, meaning settlement will result in the delivery of a cash amount based on the final settlement price, as determined by the surveys conducted by the EIA.
The map below depicts the five Petroleum Administration for Defense Districts ("PADD").
Source: Energy Information Administration (EIA), a statistical agency of the U.S. Department of Energy.
The settlement price for the Gulf Coast and Rocky Mountain PADDs will be based on the price of conventional gasoline as opposed to reformulated gasoline due to the predominance of conventional gasoline sales within the PADD.
Margin Requirements
Historical Market Data