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Renewable Fuels Contracts on Nodal Exchange

Learn more about the California, Oregon and Washington low carbon and clean fuels programs.

Renewable Fuels

Nodal Exchange offers contracts on California Low Carbon Fuel Standard (LCFS), Oregon Clean Fuels Future Program and the Washington Clean Fuels Program.  Each program aims to lower emissions from the transportation sector.  IncubEx and Nodal have collaborated to offer physically delivered LCFS and CFP products.

CONTRACT OVERVIEWS

Futures on LCFS, Oregon CFP & Washington CFP

  • Physically delivered from defined registries
  • Contract Size: 100 Credits
  • Contract Series: Monthly contract, plus December contracts out 10 consecutive years
  • Minimum Tick Size: $0.01
  • Last Trading Day: Fourth to last business day of the month for expiring contracts
  • Delivery: Last business day of the month
  • Registry: CARB LRT-CBTS; OR CFP Reporting Tool; and WFRS-CB

Options for LCFS and Oregon CFP

  • European style (exercise only at expiry)
  • Futures Style Margining
  • Lot size: 1 lot of underlying contract
  • Priced in US dollars
  • Minimum tick size: $0.001
  • Strike Price Intervals: A minimum of ten Strike Prices in increments of $1.00 above and below the at-the-money Strike Price.
  • Last Trading Day: 4:00 pm EPT on the 15th calendar day of the delivery month
  • Exercise: Automatic on last trading day, unless exchange is notified to allow in-the-money options to expire without exercise or to exercise expiring out-of-the-money options.

All Nodal Members are eligible to trade LCFS and CFP contracts. Members who wish to engage in physical delivery must meet the eligibility criteria established in the application to deliver.

Renewable Fuels

Registries

The products highlighted in green are only available on Nodal Exchange.

PRODUCTFUTURES
VINTAGES		OPTIONS
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		STRIKE
INTERVAL		PRODUCT
SPECS
Oregon Clean Fuels Future ProgramN/AN/AOCA100 Credits$0.25Futures
Options
PRODUCTFUTURES
VINTAGES		OPTIONS
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		STRIKE
INTERVAL		PRODUCT
SPECS
D3 Renewable Identification Number2021-20252021-2025RPC, RPD, RPE, RPF, RPG10,000 RINs$0.05Futures
Options
D4 Renewable Identification Number2021-20252021-2025RNC, RND, RNE, RNF, RNG10,000 RINs$0.05Futures
Options
D5 Renewable Identification Number2021-20252021-2025ROC, ROD, ROE, ROF, ROG10,000 RINs$0.05Futures
Options
D6 Renewable Identification Number2021-20252021-2025RMC, RMD, RME, RMF, RMG 10,000 RINs$0.05Futures
Options
PRODUCTFUTURES
VINTAGES		OPTIONS
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		STRIKE
INTERVAL		PRODUCT
SPECS
California Low Carbon Fuel Standard FutureN/AN/ARFC100 Credits$0.25Futures
Options

PRODUCTFUTURES
VINTAGES		CONTRACT
CODE		CONTRACT
SIZE		PRODUCT
SPECS
Washington Clean Fuels ProgramN/AWFS100 CreditsFutures

Fees

Fee TypeFuturesOptions
Screen$2.00$2.00
Clearing$2.50$2.50
Settlement$4.00$2.00

Benefits of Trading Renewable Fuels on Nodal Exchange

  • Dynamic hedging tools
  • Physically delivered 
  • Standardized contracts
  • Competitive transaction costs
  • No membership or data fees
  • Experienced team dedicated to products and support
  • Trades are cleared through Nodal Clear

Benefits of Trading Renewable Fuels on Nodal Exchange

  • Dynamic hedging tool 
  • Physically delivered 
  • Standardized contracts
  • Competitive transaction costs
  • No membership or data fees
  • Experienced team dedicated to products and support
  • Trades are cleared through Nodal Clear

About Nodal Exchange

Nodal Exchange, headquartered in Tysons Corner, VA, is a CFTC-regulated derivatives exchange providing price, credit and liquidity risk management to participants in the North American commodity markets. Part of EEX Group, Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and offers over 1,000 power, gas, environmental, natural gas and freight futures, all cleared on Nodal Clear. IncubEx is partnered with Nodal on its North American environmental products.

ADDITIONAL RESOURCES

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Environmental Products on
Nodal Exchange

This page is for illustrative purposes only. For official contract and trading information, please visit Nodal Exchange