Registered: Mar 2008
08-15-12 03:19 PM
I think the market trades in 1c increments, however the settlements are based on the following leg calculations:
Quote from ICE website:
The minimum crack qty is 4 lots (made up of 4 Gas Oil lots & 3 Brent lots). The Gas Oil Crack trades in 4 lot increments. The Gas Oil (traded in metric tons) is converted into a price in barrels using a conversion factor of 7.45. One lot of Gasoil = 100 metric tonnes, 1 lot of ICE Brent Futures = 1,000 bbls (134.22 metric tonnes)
Remember, settlements are not indicative of where the actually bid/ask may be.