Trading Unit
1,000 U.S. barrels (42,000 gallons). Price Quotation
U.S. dollars and cents per barrel. Trading Hours (All times are New York time)
Open outcry trading is conducted from 10:00 AM until 2:30
PM.
After hours futures trading is conducted via the NYMEX ACCESS®
internet-based trading platform beginning at 3:15 PM on Mondays
through Thursdays and concluding at 9:30 AM the following
day. On Sundays, the session begins at 7:00 PM. Trading Months
30 consecutive months based on a quarterly listing schedule
plus long-dated June futures initially listed out three years,
and long-dated December futures initially listed out three
to seven years.
Additionally, trading can be executed at an average differential
to the previous day's settlement prices for periods of two
to 30 consecutive months in a single transaction. These calendar
strips are executed during open outcry trading hours. Minimum Price Fluctuation
$0.01 (1¢) per barrel ($10.00 per contract). Maximum Daily Price Fluctuation
$10.00 per barrel ($10,000 per contract) for all months. If
any contract is traded, bid, or offered at the limit for five
minutes, trading is halted for five minutes. When trading
resumes, the limit is expanded by $10.00 per barrel in either
direction. If another halt were triggered, the market would
continue to be expanded by $10.00 per barrel in either direction
after each successive five-minute trading halt. There will
be no maximum price fluctuation limits during any one trading
session. Last Trading Day
Trading terminates at the close of business on the third business
day prior to the 25th calendar day of the month preceding
the delivery month. If the 25th calendar day of the month
is a non-business day, trading shall cease on the third business
day prior to the business day preceding the 25th calendar
day. Settlement Type
Physical. Delivery
F.O.B. seller's facility, Cushing, Oklahoma, at any pipeline
or storage facility with pipeline access to TEPPCO, Cushing
storage, or Equilon Pipeline Co., by in-tank transfer, in-line
transfer, book-out, or inter-facility transfer (pumpover). Delivery Period
All deliveries are ratable over the course of the month and
must be initiated on or after the first calendar day and completed
by the last calendar day of the delivery month. Alternate Delivery Procedure (ADP)
An alternate delivery procedure is available to buyers and
sellers who have been matched by the Exchange subsequent to
the termination of trading in the spot month contract. If
buyer and seller agree to consummate delivery under terms
different from those prescribed in the contract specifications,
they may proceed on that basis after submitting a notice of
their intention to the Exchange. Exchange of Futures for Physicals (EFP)
The commercial buyer or seller may exchange a futures position
for a physical position of equal quantity by submitting a
notice to the Exchange. EFPs may be used to either initiate
or liquidate a futures position. Deliverable Grades
Specific domestic crudes with 0.42% sulfur by weight or less,
not less than 37° API gravity nor more than 42° API
gravity. The following domestic crude streams are deliverable:
West Texas Intermediate, Low Sweet Mix, New Mexican Sweet,
North Texas Sweet, Oklahoma Sweet, South Texas Sweet. Specific foreign crudes of not less than 34°
API nor more than 42° API. The following foreign streams
are deliverable: U.K. Brent and Forties, for which the seller
shall receive a 30 cent per barrel discount below the final
settlement price; Norwegian Oseberg Blend is delivered at
a 55¢–per–barrel discount; Nigerian Bonny
Light, Qua Iboe, and Colombian Cusiana are delivered at 15¢
premiums. Inspection
Inspection shall be conducted in accordance with pipeline
practices. A buyer or seller may appoint an inspector to inspect
the quality of oil delivered. However, the buyer or seller
who requests the inspection will bear its costs and will notify
the other party of the transaction that the inspection will
occur. Position Accountability Levels and Limits
Any one month/all months: 20,000 net futures, but not to exceed
2,000 contracts in the last three days of trading in the spot
month. Margin Requirements
Margins are required for open futures positions. Trading Symbol
CL