What’s new

1. What is the NYMEX Ethanol (EL) futures contract?

NYMEX Denatured Fuel Ethanol futures is a new contract that creates opportunities to hedge price fluctuations in the ethanol markets or manage price differential risk between other refined products. 

The addition of a new physically settled contract allows market participants additional flexibility with the opportunity to make or accept delivery. These futures are a redesigned version of the legacy CBOT Ethanol (EH) futures that was listed in 2005.


2. What are the main differences between the NYMEX Ethanol (EL) futures and the existing CBOT Ethanol (EH) futures?

NYMEX Ethanol futures contracts have a size of 42,000 gallons, equal to benchmark RBOB Gasoline futures and NY ULSD Heating Oil futures, whereas the legacy CBOT EH contract size was 29,000 gallons, the equivalent of one rail car. 

Additionally, the delivery mechanism has been updated to allow for flexibility in delivery options.The CBOT contract facilitated delivery through In Tank Transfers (ITT) but also allowed ethanol to be delivered from the ethanol plants in the countryside to Chicago area terminals, which sometimes required permits to get material into the Kinder Morgan Argo terminal when there was rail congestion. The new NYMEX Ethanol (EL) futures allow for seller’s choice between Chicago Rule 11 and ITT Argo Delivery. Another departure is the timing for delivery.  

The CBOT contract delivers a shipping certificate, which does not require a buyer to execute load-out, although the buyer does pay storage if not loading ethanol out. The new NYMEX contract calls for physical delivery among counterparties if they maintain positions through contract termination. Further information on the updated delivery structure can be found here.


3. How can I trade NYMEX Ethanol futures and options?

EL futures can be traded electronically on Globex or as a block transaction through a voice broker on ClearPort. 


Contract specifications

4. What are the codes?

  • Globex/ClearPort: EL
  • Bloomberg: XEIA <Comdty>
  • TT: EL
  • Refinitiv: EEL

5. What are the contract specifications for NYMEX Ethanol futures?

Contract title

Denatured Ethanol futures

Globex/ClearPort Code

EL

Settlement Type

Deliverable

Contract Size

42,000 gallons

Minimum Price Fluctution

Globex: $0.0025 per gallon ($105 per contract)

Clearport: $0.00005 per gallon ($2.10 per contract)

Termination of Trading

Trading terminates last business day in the month prior to the contract month

Listing Schedule

24 months

Initial Listing

April 2025

Block Trade Minimum

5

Trading Hours

CME Globex Pre-open: Sunday 4:00 p.m. - 5:00 p.m. Central Time/CT Monday – Thursday 4:45 p.m. - 5:00 p.m. CT 

CME Globex: Sunday 5:00 p.m. – Friday 4:00 p.m. CT with a daily maintenance period from 4:00 p.m. - 5:00 p.m. CT 

CME ClearPort: Sunday 5:00 p.m. - Friday 4:00 p.m. CT with no reporting Tuesday - Thursday from 4:00 p.m. – 5:00 p.m. 


6. What is the listing schedule?

Consecutive monthly contracts are listed for 24 months. New contracts are listed following the expiry of the front contract.


7. Are NYMEX Ethanol futures block eligible?

Yes, the minimum block threshold is 5 contracts.


8. How does the delivery process work?

Customers choosing to go to delivery who do not EFP out of their positions before the deadline will be matched for physical delivery. Delivery will be the seller's choice of Chicago Rule 11 Deliveries or ITT Argo Deliveries at Kinder Morgan. Buyers will have the ability to indicate a preference of which option they prefer. The matching algorithm will match preferences as much as possible.

Below are the details of each delivery option: 

Chicago Rule 11 Deliveries: 

  1. Buyer’s clearing member shall provide the seller’s clearing member with a rail destination including detailed routing instructions from Chicago, IL to the destination and any additional nomination information requested by the seller’s clearing member by 3:00 p.m. CPT on the Business Day following Assignment Day.
  2. Seller may deliver cars from ethanol-producing facilities in the states of Iowa, Illinois, Minnesota, Nebraska, or Wisconsin.
  3. Seller must bill cars to the end destination through a Chicago, IL interchange point within five business days following the receiving of detailed routing instructions.
  4. The seller is responsible for freight to the Chicago, IL interchange point and the buyer assumes the freight payment to the final destination.
  5. Title transfer from seller to buyer occurs when the buyer’s rail carrier’s tracing system officially shows the railcars as “junction received.”  The buyer’s clearing member shall inform the Clearing House.
  6. Once cars are “constructively placed” at buyer's destination, the buyer has five (5) Business Days to release cars back to the seller. Demurrage shall be $100 per railcar per day thereafter.

In-Tank Transfer (ITT) Argo Deliveries: 

If the ITT option is nominated by the seller, the buyer shall select an ITT transfer date or free-on-board (FOB) Argo pickup date that is within the next five (5) Business Days following the Assignment Day.  The buyer’s transfer date or FOB. Argo pick up date must be submitted by the buyer’s clearing member on behalf of the buyer by 3:00 p.m. CPT on the Business Day following the Assignment Day. If the buyer fails to select a transfer date, the seller shall transfer material on the fifth Business Day following the Assignment Day. The seller shall transfer the ITT by 5:00 p.m. CPT on the selected transfer date.


9. What are the position limits for NYMEX Ethanol futures?


10. Where can I find rules pertaining to NYMEX Ethanol futures?

View information for rules on NYMEX Ethanol futures in the NYMEX Rulebook Chapter 567.


Options

11. Will there be options listed on the NYMEX Ethanol futures?

Yes, options are listed on NYMEX Ethanol futures.


12. What are the codes for NYMEX Ethanol Options?

  • Globex/ClearPort: OEL
  • Bloomberg: XEIA <Comdty> OMON
  • TT: EL
  • Refinitiv: EEL

13. What are contract specifications for the NYMEX Ethanol options?

Contract Title

Denatured Ethanol futures

Globex/Clearport Code

OEL

Settlement Type

Physical - Exercise into futures

Contract Size

42,000 gallons

Minimum Price Fluctution

Globex: $0.00025 per gallon ($10.50 per contract)

ClearPort: $0.00005 per gallon ($2.10 per contract)

Termination of Trading

Trading terminates fourth to last business day in the month prior to the contract month

Listing Schedule

24 months

Initial Listing

April 2025

Exercise Style

American

Block Trade Minimum

5

Trading Hours

CME Globex Pre-open: Sunday 4:00 p.m. - 5:00 p.m. Central Time/CT Monday – Thursday 4:45 p.m. - 5:00 p.m. CT 

CME Globex: Sunday 5:00 p.m. – Friday 4:00 p.m. CT with a daily maintenance period from 4:00 p.m. - 5:00 p.m. CT 

CME ClearPort: Sunday 5:00 p.m. - Friday 4:00 p.m. CT with no reporting Tuesday - Thursday from 4:00 p.m. – 5:00 p.m. 


14. Where can I find rules pertaining to NYMEX Ethanol options?

View information for rules on NYMEX Ethanol futures in the NYMEX Rulebook Chapter 568. 


Fees and margin details

15. What are the fees?

Access the fee schedule for more information.  


16. What are the margin requirements?

Exchange margin requirements may be found on Product Margins. Please note that clearing firms may require a margin level beyond CME Clearing’s minimum requirement.


All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.

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