Crude Diff - Argus LLS vs WTI Trade Month Future6753340
ICE Futures U.S.
Crude Diff - Argus LLS vs WTI Trade Month Future
Description
A cash settled future based on the difference between the Argus daily assessment price for Light Louisiana Sweet Crude Oil (1st Month) and the Argus daily assessment price for WTI Formula Basis (1st Month).
Market Specifications
- Trading Screen Product Name
- Crude Diff Futures (Trade Month)
- Trading Screen Hub Name
- Argus LLS/WTI Trade Month
- Contract Symbol
- ARL
- 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
- Settlement Price Quotation
- One tenth of one cent ($0.001) per barrel
- Minimum Price Fluctuation
- One tenth of one cent ($0.001) per barrel
- Last Trading Day
- Trading shall cease at the close of trading on the last business day that falls on or before the 25th calendar day of the month prior to the contract month. If the 25th calendar day is a weekend or holiday, trading shall cease on the first business day prior to the 25th calendar day.
- Floating Price
- In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
- Final Settlement
- In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the average of the quotations appearing in the "Argus Crude" report under the heading "US pipeline", subheading “Diff” for "LLS” for each business day (as specified below) in the determination period.
The average of the LLS (1st month) differential weighted average (Diff weighted average) price taken from Argus Media, is based upon the weighted average floating price of LLS minus the "WTI Formula Basis" price from Argus Media, for the Trade month period beginning with the first business day after the 25th calendar day two months prior to the contract month through the last business day that falls on or before the 25th calendar day of the month prior to the contract month. If the 25th calendar day is a weekend or holiday, the Trade month period shall end on the first business day prior to the 25th calendar day.
Common Pricing applies. - Contract Series
- Up to 60 consecutive months
- Final Payment Date
- Two Clearing House Business Days following the Last Trading Day
- Business Days
- Publication days for Argus Crude
- MIC Code
- IFED
- Clearing Venues
- ICEU
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 | 8:50 AM - 7:00 AM* 08:50 - 07:00 | 8:40 AM 08:40 |
*Next Day
Sunday Pre-Open 5:10 PM ET; Closed on Saturday
Codes
- Clearing Admin Name
- Am Crude Diffs
- Physical
- ARL
- Logical
- ARL
- GMI (FC)
- MB
- ION A.C.N.
- Symbol Code
- ARL