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Description

The EU-Style Brent Future is used for the purposes of settling the EU-Style Brent Option

Market Specifications

Trading Screen Product Name

Crude Futures

Trading Screen Hub Name

Brent Euro Option (Cash Settled)

Contract Symbol

BUL

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 end three Business Days prior to the Expiration Date of the ICE Brent Crude Futures contract.

If the day on which trading in the relevant EU-Style Brent Future is due to cease would be either: (i) the Business Day preceding Christmas Day, or (ii) the Business Day preceding New Year’s Day, then trading shall cease on the next preceding Business 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

The reference price will be a price in USD and cents per barrel equal to the settlement price of the ICE Brent Bullet Swap Future (BNB) for the contract month. For these purposes "settlement price" means the 3rd to last day prior to the Last Trading Day of the ICE Brent Crude Futures contract month.

Contract Series

Up to 36 consecutive months

Final Payment Date

Two Clearing House Business Days following the Last Trading Day

Business Days

Publication days for ICE

MIC Code

IFEU

Clearing Venues

ICEU

Related Products

• Brent Crude Futures

Trading Hours

Codes