Chicago Board of Trade (CBOT) Pinback Button – Gasoline Futures - No Lead (Trader Jacket) | c. 1980s
Ready for a little collectible “floor tradition” fun? This
Chicago Board of Trade (CBOT) pinback button was handed out to promote
Gasoline NL Futures—a morning-seasoned reminder for floor traders to notice the new contract,
get curious, and (ideally) trade it that very day.
On the Chicago Mercantile Exchange (CME) and the CBOT, jacket buttons like this became part of the culture:
a quick, wearable way to commemorate the launch of new contracts, options, or major exchange events.
These buttons were delivered that morning at the entrance to the trading floor, then pinned on jackets
and carried through the session—like a tiny badge of “I’m paying attention to what’s new.”
Gasoline Futures NL (No-Lead): The 1980s Energy Play
This button captures a moment when exchanges were sprinting to own the next wave of energy trading.
After the deregulation of oil prices under the Reagan administration, financial exchanges rushed to build
energy futures. The NYMEX had a head start with heating oil—but the CBOT wanted
to dominate refined products.
On May 25, 1982, the Commodity Futures Trading Commission (CFTC) approved the CBOT’s
contract for Regular Gasoline, Unleaded.
In the pits and on trading sheets, the contract was widely called and abbreviated as
NL (No-Lead)—to distinguish it from the Leaded Regular gasoline futures being traded at the time.
Contract Specs (Built for Real Buyers)
The CBOT’s NL contract wasn’t designed for casual “watchers”—it was aimed at commercial users:
- Contract Size: 42,000 U.S. gallons (matching a standard product tank car)
- Delivery Point: delivered via pipeline or short-haul waterborne barge in the New York Harbor energy hub
- Quality Grade: regular unleaded gasoline with a minimum octane standard for the early ’80s
Why It Ultimately Lost to NYMEX
The CBOT promoted its No-Lead (NL) gasoline contract aggressively—alongside a crude oil contract launched in 1983.
But NYMEX won the energy liquidity battle.
Traders and oil companies gravitated toward NYMEX because heating oil was already highly liquid, enabling easy
“crack spread” trading (the price differential between crude oil and refined products).
The CBOT’s NL gasoline contract didn’t attract enough open interest, didn’t keep volume strong,
and was eventually de-listed as the energy market consolidated in New York.
And the fun twist? Decades later, when CME Group bought NYMEX and merged with the CBOT,
these “old fights” are all under one roof today.
The descendant of that early 1980s contract is RBOB Unleaded Gasoline Futures (RB).
Why This CBOT Trader Button Is So Collectible
Buttons like this weren’t meant to be museum pieces—they were meant to be worn.
Most weren’t saved and were frequently discarded at the end of the day.
That’s why authentic exchange promo buttons are pretty tough to find today.
Item Details
- Type: Pinback button (floor-trader jacket style)
- Exchange: Chicago Board of Trade (CBOT)
- Promotion: Gasoline Futures NL (No-Lead)
- Age: Estimated 1980s
- Size: 3"
- Condition: As pictured
