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RBOB Seprember futures - what gasoline grade?

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Hi guys!

I've never traded RBOB futures before so I have a question. There are seasonal requirements for gasoline RVP depending on the date of delivery: for September 1-15 summer grade with no more than 9.0 RVP and for September 16-30 cheaper one with RVP of 13.5 max. As there are flexible delivery dates ("Deliveries may only be initiated the day after the fifth business day and must be completed before the last business day of the delivery month") it seems like either September RBOB futures is actually traded for 13.5 gasoline or there is an arbitrage opportunity.

It's the only futures with dual requirements, so could anyone from the industry explain how it works in real life, please?




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