European Gasoil

European Gasoil Meaning:
In commodity market terminology, European Gasoil is a European and Asian designation for Number 2 Heating Oil and Number 2 Diesel fuel. In general, gasoils are derived from oils with a higher boiling range than gasoline. This product yields 12% more power than gas, but it is not quite as explosive.

European Gasoil Example:
European Gasoil futures trade on the Intercontinental Exchange (ICE) using code GLI, as well as on the Chicago Mercantile Exchange’s Clearport. On the ICE, the European Gasoil futures contract unit is for 100 metric tons, prices are quoted in U.S. dollars and the minimum fluctuation is 5 cents per metric ton.