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Description

A monthly cash settled swap based on the difference the Platts daily assessment price for New York 1% Fuel Oil and the daily settlement price for WTI 1st Line Future.

Market Specifications

Trading Screen Product Name

Platts FO Crack

Trading Screen Hub Name

1% NYH Cg/WTI 1st Line

Rule Number

13166

Contract Symbol

FOK

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 ICE WTI 1st Line Future contract for each business day (as specified below) in the determination period.

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

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Trading Hours

Codes