Trading Unit : 1,000 U.S. barrels (42,000 gallons)..
Trading Hours: 9:45 a.m. - 3: 10 p.m.
Trading Months: 18 consecutive months plus four long dated futures with are initially listed 21, 24, 30, and 36 months prior to delivery.
Price Quotation: Dollars and cents per barrel.
Min. Price Fluct.: $.0l per barrel ($10 per contract).
Max. Price Fluct.: $15.00 per barrel ($15,000 per contract) for the first two, contract months. Initial back month limits of $1.50 per barrel rise to $3.00 per barrel if the previous days settlement price is at the $1.50 limit. In the event of a $7.50 move in either of the first two contract months, back month limits are expanded to $7.50 per barrel from the limit in place in the direction of the move.
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.
Delivery: F.O.B. seller's facility, Cushing, Oklahoma, at any pipeline or storage facility with pipeline access to ARCO, Cushing Storage or Texaco Trading and Transportation Inc., by in-tank transfer, inline transfer, book-out, or inter-facility transfer (Pumpover).
Delivery Period: All deliveries are rateable 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: 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 : The 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 crudes with 0.5% sulfur by weight, not less than 34 API gravity nor more than 45 API gravity. The following crude streams are deliverable: West Texas Intermediate, Low Sweet Mix, New Mexican Sweet, North Texas sweet, Oklahoma sweet, Brent Blend, Bonny Light, Oseberg,, and Forties. Deliveries of Bonny Light carry a 60 cent premium to the final settlement price while Brent Blend, Oseberg, and Forties each carry a 30 cent discount.
Inspection: Inspection shall be conducted in accordance with pipeline practices. A buyer or seller may appoint an 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.
Margin Requirements: Margins arc required for open futures or short options positions. There is no margin requirement for an options purchaser.