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Gasoline RBOB Mini Mar '23 (QUH23)
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Contract Specifications for [[ item.sessionDateDisplayLong ]]
Barchart Symbol QU
Exchange Symbol QU
Contract Unleaded Gasoline RBOB eminNY
Exchange NYMEX
Tick Size $0.001 (0.1 cent) per gallon ($21.00 per contract)
Margin/Maintenance $4,070/3,700
Daily Limit 15% above or below previous settlement
Contract Size 21,000 gallons
Months All Months
Trading Hours 5:00p.m. - 4:00p.m. (Sun-Fri) (Settles 1:30p.m.) CST
Value of One Futures Unit $21,000
Value of One Options Unit $21,000
Last Trading Day Trading terminates at the close of business on the second last business day of the month preceding the delivery month


Gasoline is a complex mixture of hundreds of lighter liquid hydrocarbons and is used chiefly as a fuel for internal-combustion engines. Petroleum crude, or crude oil, is still the most economical source of gasoline with refineries turning more than half of every barrel of crude oil into gasoline. The three main steps to all refining operations are the separation process (separating crude oil into various chemical components), conversion process (breaking the chemicals down into molecules called hydrocarbons), and treatment process (transforming and combining hydrocarbon molecules and other additives). Another process, called hydro treating, removes a significant amount of sulfur from finished gasoline, as is currently required by the state of California.

Octane is a measure of a gasoline's ability to resist pinging or knocking noise from an engine. Most gasoline stations offer three octane grades of unleaded fuel-regular at 87 (R+M)/2, mid-grade at 89 (R+M)/2, and premium at 93 (R+M)/2. Additional refining steps are needed to increase the octane, which increases the retail price. This does not make the gasoline any cleaner or better but yields a different blend of hydrocarbons that burn more slowly.

In an attempt to improve air quality and reduce harmful emissions from internal combustion engines, Congress in 1990 amended the Clean Air Act to mandate the addition of ethanol to gasoline. Some 2 billion gallons of ethanol are now added to gasoline each year in the U.S. The most common blend is E10, which contains 10% ethanol and 90% gasoline. Auto manufacturers have approved that mixture for use in all U.S. vehicles. Ethanol is an alcohol-based fuel produced by fermenting and distilling crops such as corn, barley, wheat, and sugar.

RBOB gasoline futures and options trade at the CME Group. The CME's gasoline futures contract calls for the delivery of 1,000 barrels (42,000 gallons) of RBOB gasoline in the New York harbor and is priced in terms of U.S. Dollars and cents per gallon.

Prices - CME gasoline futures prices ( symbol code RB) started 2021 at $1.65527 per gallon and rose steadily to close the year up 64.5% at $2.5544 per gallon. The average monthly retail price of regular unleaded gasoline in 2021 rose 40.3% yr/yr to $3.05 per gallon. The average monthly retail price of unleaded premium motor gasoline in the U.S. in 2021 rose +32.3% to $3.68 per gallon.

Supply - U.S. production of finished motor gasoline in 2021 rose +8.6% yr/yr to 8.742 million barrels per day. Gasoline stocks in December of 2020 were down -2.6% to 25.310 million barrels.

Demand - U.S. consumption of finished motor gasoline in 2021 rose +9.3% yr/yr to 8.797 million barrels per day, but still down from the 2018 record high of 9.325 million barrels per day.

Information on commodities is courtesy of the CRB Yearbook, the single most comprehensive source of commodity and futures market information available. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope for commodities information is second to none. The CRB Yearbook is part of the Barchart product line. Please visit us for all of your commodity data needs.

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