- Trading Screen Product Name
- Heating Oil/WTI Crack
- Trading Hours
UK Hours* - Open: 01:00 (23:00 on Sundays), Close:
23:00.
EST Hours* - Open: 20:00 (18:00 on Sundays), Close: 18:00
the following day.
CST Hours* – Open: 19:00 (17:00 on Sundays), Close:
17:00 the following day.
Singapore Hours– Open: 09:00 (07:00 on Mondays),
Close: 07:00 the following day.
*An Exchange Circular will be issued in advance of the UK
switch from GMT to BST and a further US switch to and from DST to
confirm the altered market opening and closing times
- Contract Size
1,000 Barrels (42,000 Gals)
- Unit of Trading
Any multiple of 1,000 Barrels (42,000 Gals)
- Quotation
The contract price is in US Dollars and cents per Barrel
- Trading Price
One cent ($0.01) per Barrel
- Settlement Price
One cent ($0.01) per Barrel
- Minimum Price Fluctuation
One cent ($0.01) per Barrel
- Maximum Price Fluctuation
There are no limits.
- Clearing
The Clearing House guarantees financial performance of all ICE
Futures contracts registered with it by its clearing members. All
ICE Futures Member companies are either members of the Clearing
House or have a clearing agreement with a Member who is a member of
the Clearing House
- Contract Series
18 consecutive months
- Position Limit
The Exchange may impose position accountability levels or limits on
positions in this contract at its discretion as provided in Rules
P3 and P8 respectively.
Current position accountability levels: In any one month: 5,000
net futures. All months: 7,000 net futures.
Current position limits: 1,000 lots during the last 3 trading days
of the expiring month.
Exemptions from position limits may be granted at Exchange
discretion for bona fide hedge positions
- Last Trading Day
The last trading day for the Heating Oil/WTI Futures Crack is
determined by when the expiry date is for ICE WTI Crude
Futures.
For ICE WTI Crude Futures: Trading shall cease at the close of
business on the 4th US business day prior to the 25th calendar day
of the month preceding the contract month. If the 25th calendar day
of the month is not a US business day the Final Trade Day shall be
the Trading Day which is the fourth US business day prior to the
last US business day preceding the 25th calendar day of the month
preceding the contract month.
Heating Oil Futures expiry: Trading shall cease at the end of the
designated settlement period on the penultimate US business day of
the month preceding the delivery month where a US business day is a
day on which NYMEX is opened for business
- Settlement
Trading the ICE Heating Oil/WTI Futures Crack will result in two
separate positions in the underlying futures markets for ICE WTI
and ICE Heating Oil. The settlement of each leg will be the
respective settlement prices for both the ICE WTI and Heating Oil
Futures contracts as made public by ICE Futures Europe. Upon expiry
of the ICE WTI Futures leg, holders of the Heating Oil crack trade
will then be left with a long or short position in the Heating Oil
market which will be settled on expiry of the relevant underlying
Heating Oil futures contract.
ICE Heating Oil Futures settlement: The contract is cash settled
against the prevailing market price for Heating Oil in New York
Harbor.
The cash settlement price in US Dollars and cents per Gallon is
equal to the penultimate settlement price for New York Harbor ULSD
Heating Oil Futures Contract as made public by NYMEX for the month
of production as specified within the relevant Contract Rules by
reference to the 2005 ISDA Commodity Definitions.
ICE WTI Futures settlement: The West Texas Intermediate Light
Sweet Crude Oil Futures Contract is cash settled against the
prevailing market price for US light sweet crude. It is a price in
US Dollars per Barrel equal to the penultimate settlement price for
WTI Crude Futures as made public by NYMEX for the month of
production per 2005 ISDA Commodity Definitions
- Final Payment Date
One Business Day following the Last Trading Day.
- Business Days
ICE Business Days
- MIC Code
- IFEU
- Clearing Venues
- ICEU