Gas Oil - Contract Specifications

Date of Listing

September 8, 2003

Type of Trade

Physically Delivered Futures Transaction


Gas oil that meets the standard prescribed in Article 22.1 of the Ordinance for Enforcement of the Act on the Quality Control of Gasoline and Other Fuels and meets the quality standard of the Japan Industrial Standard K2204 for each type corresponding to each of the Contract months as shown below:

Contract Months Quality Standard
January through March, and December No. 2
April, May, October, and November No. 1
June through September Special No. 1

Trading Method

Computerized Individual Auction

Contract Months

Six consecutive months (On the day when a New Contract Month is generated, there will be 6 consecutive months starting from 2 months after the month which the said day belongs to.)

Last Trading Day

Day session on the 25th of the month preceding the current contract month (If the day falls on an Exchange holiday, Last Trading Day will be the immediately preceding business day.)

First Trading Day of a New Contract Month

Day session on the next business day of the Last Trading Day of the current contract month.

Delivery Period

Throughout the delivery month

Deliverable Grades

Quantity Tolerance on Delivery

±2% of the volume per delivery

Delivery Points

Refineries and oil tanks located in Tokyo, Kanagawa and Chiba, provided with barge delivery facilities, and appointed by the Exchange.

Delivery Method

Trading Hours

Day Session
Opening Call Auction (Ita-awase) : 8:45 a.m. (JST)
Continuous Trading (Zaraba) : 8:45 a.m. to 3:10 p.m. (JST)
Closing Call Auction (Ita-awase) : 3:15 p.m. (JST)
Night Session
Opening Call Auction (Ita-awase) : 4:30 p.m. (JST)
Continuous Trading (Zaraba) : 4:30 p.m. to 5:25 a.m. of the following morning (JST)
Closing Call Auction (Ita-awase) : 5:30 a.m. of the following morning (JST)

Contract Unit

50 kl (approximately 13,210 US gallons) / contract

Delivery Unit

100 kl (Delivery unit = 2 contract units)

Price Increment

JPY 10 per 1 kiloliter

Contract Price and Tax

The contract price shall be inclusive of the cost of delivery into refineries or oil tanks located in Tokyo Bay area but exclusive of gas oil delivery tax and consumption tax.

Circuit Breaker Trigger Level (Static Circuit Breaker (SCB) Level)

The SCB trigger level is to be set everyday at the start of a new clearing period (i.e.the start of a night session at 16:30) and is based on the settlement price of the previous clearing period (or the settlement price of the preceding contract month, in case of a new contract month)

Immediately Executable Price Range (Dynamic Circuit Breaker (DCB) Level)

The DCB trigger level is to be set based on DCB Reference Price (the last traded price,in principle)


As SPAN Margining System started from January 4, 2011, Japan Commodity Clearing House (JCCH) will set its parameters based on historical price fluctuation.
Please see the website of Japan Commodity Clearing House (JCCH) for more details.

Customer Position Limits (separately for long and short positions)

Customers excluding commercials and investment trusts:
Current contract month: 250 contracts
2nd contract month: 500 contracts
Other contract months (each): 1,500 contracts

Commercials and investment trusts:
Current contract month: 2,000 contracts
2nd contract month: 3,000 contracts
Other contract months (each): 5,000 contracts

Ticker Symbol

TOCOM Product Code: 34
Reuters Contract Detail: JGO
Bloomberg Ticker: TGOA