Unleaded Gasoline Futures Margin & Contract Specifications

What Is Unleaded Gasoline?

Unleaded gasoline is the standard gasoline futures product traded in the international energy markets, primarily serving the North American market. Unleaded gasoline (RB) is not the gasoline sold directly at gas stations; rather, it is the base gasoline blendstock before ethanol is added. Its price is highly correlated with actual retail gasoline prices.
Unleaded gasoline futures serve as the benchmark for North American gasoline prices, reflecting the core cost of gasoline from the refining stage through to retail distribution.

Factors Affecting Unleaded Gasoline Prices

1. Crude Oil Prices (WTI, Brent)

Crude oil is the primary raw material for gasoline and typically accounts for 40%–50% of the retail price. Production decisions by the Organization of the Petroleum Exporting Countries (OPEC) and its allies directly affect global supply. However, output growth from non-OPEC producers—such as the United States, Brazil, and Guyana—can dilute OPEC’s influence. When crude supply increases, oil prices tend to fall, and vice versa.

2. Refining Margins and Crack Spreads

Gasoline is produced through refining. The crack spread represents the processing margin earned by refiners by “cracking” crude oil into refined products. It is the price difference between crude oil and refined products and reflects refinery profitability.
If refineries undergo seasonal maintenance or experience unexpected outages, gasoline supply can decline. Even if crude prices remain unchanged, retail gasoline prices may rise.

3. Seasonal Demand

Traditionally, summer is peak travel season, when gasoline demand is highest and prices are usually elevated. In winter, heating demand is concentrated in distillates rather than gasoline, so gasoline prices tend to be relatively more stable.

4. U.S. Environmental Regulations and Policy Factors

• Summer gasoline blends (RVP standards) are more environmentally friendly but costlier to produce, which typically makes summer gasoline prices higher.

• The U.S. Environmental Protection Agency (EPA) mandates blending a certain amount of renewable fuels each year. The addition of ethanol links gasoline costs to corn prices and ethanol supply.

• Government taxation and subsidy policies—such as fuel tax adjustments or fuel subsidies—also influence gasoline prices.

5. Global Energy Transition

As the global energy transition progresses, the closure of older refineries can lead to localized gasoline supply tightness, pushing prices higher.
At the same time, the increasing adoption of electric vehicles is structurally reducing long-term gasoline demand.

6. U.S. Dollar Movements

International crude oil is priced in U.S. dollars. When the dollar strengthens, commodity prices generally face pressure. For example, if the U.S. dollar rises and the New Taiwan dollar depreciates, Taiwan’s crude import costs increase even if global oil prices are unchanged—costs that ultimately show up at the pump.

7. Weather Factors

The hurricane season (June–November) can disrupt refining and transportation. The U.S. Gulf Coast hosts a large share of global refining capacity; hurricanes can force refinery shutdowns and offshore platform evacuations, sharply reducing supply in the short term and causing gasoline prices to spike.

RBOB Gasoline (RBOB) Margin

How much money is needed to trade futures? At the beginning, the required margin is the initial margin. While holding a position, the margin after deducting floating profits and losses must remain above the maintenance margin; otherwise, a margin call will be issued. For day-trading margin, only half of the margin is required, provided the position is closed before the market closes.

Foreign Futures

RBOB Gasoline (RBOB) Contract Specifications

Here is a summary for traders of the contract specifications, exchange, trading hours, minimum price fluctuation, and available trading months for RBOB Gasoline (RBOB)Futures.

RBOB Gasoline (RBOB)Last Trading Day

Futures