New York 1% Fuel Oil vs Brent 1st Line Swap33592774
ICE OTC
New York 1% Fuel Oil vs Brent 1st Line Swap
Description
A monthly cash settled swap based on the difference the Platts daily assessment price for New York 1% Fuel Oil and the ICE daily settlement price for Brent 1st Line Future.
Market Specifications
- Trading Screen Product Name
- Platts Fuel Oil Crack
- Trading Screen Hub Name
- 1% NYH Cg/Brent 1st Line
- Rule Number
- 13155
- Contract Symbol
- NFB
- Contract Size
- 1,000 barrels
- Unit of Trading
- Any multiple of 1,000 barrels
- Currency
- US Dollars and cents
- Trading Price Quotation
- One cent ($0.01) per barrel
- Last Trading Day
- Last Trading Day of the contract month
- Final Settlement
- In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the difference between the average of the mean of the high and low quotations appearing in the "Platts US Marketscan" under the heading "Atlantic Coast New York" subheading "Residual fuel ($/bbl)" and "Cargo" for "No. 6 1%" and the average of the settlement prices as made public by ICE for the front month Brent 1st Line Future for each business day (as specified below) in the determination period.
- Roll Adjust Provision
- In order to use the correct Floating Price quotations, the nearby month quotation for ICE Brent Futures specified in the Floating Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract.
- Contract Series
- Up to 48 consecutive months, or as otherwise determined by the SEF
- Final Payment Date
- Five (5) New York Business Days after each settlement date via wire transfer of Federal funds
- Business Days
- Publication days for Platts US Marketscan
- Other Terms
- To be confirmed directly between the parties in their full form of contract. The terms reflected in such contracts shall be controlling.
- MIC Code
- ICES
- Clearing Venues
- Bilateral
Related Products
Trading Hours
| City | Trading | Pre-Open |
|---|---|---|
| NEW YORK | 7:50 PM - 6:00 PM* 19:50 - 18:00 | 7:40 PM 19:40 |
| LONDON | 12:50 AM - 11:00 PM 00:50 - 23:00 | 12:40 AM 00:40 |
| SINGAPORE | 7:50 AM - 6:00 AM* 07:50 - 06:00 | 7:40 AM 07:40 |
*Next Day
Codes
- Clearing Admin Name
- Am Cracks bbl
- Physical
- Logical
- GMI (FC)
- K7
- ION A.C.N.
- Symbol Code
- NFB