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Description

The ICE Permian WTI/Brent Futures Spread allows you to trade the spread between ICE Permian WTI Futures and Brent Futures. Trading a position in the spread results in two separate positions in the underlying futures legs i.e. a long position in ICE Permian WTI Futures and a short position in ICE Brent Futures.

Market Specifications

Trading Screen Product Name

Midland/Brent Futures Spr

Trading Screen Hub Name

Midland WTI/North Sea

Trading Hours

GMT* 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 Monday mornings) close 07:00 the next day.

*An Exchange Circular will be issued in advance of the UK switch from GMT to BST and further US switch to and from DST to confirm the altered market opening and closing times.

Unit of Trading

1 Lot is 1,000 barrels (42,000 US gallons).

Buying 1 ICE Permian WTI-Brent Futures Spread Lot results in a 1 Lot buy of Permian WTI and 1 Lot Sell of Brent

Quotation

The contract price is in US Dollars and cents 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

Up to 30 consecutive months forward plus additional June and December contracts out to the end of the futures curve of the two underlying contracts (Permian and Brent)

Position Limit

Terms are deferred to the contracts referenced by the leg markets.

Last Trading Day

ICE Permian WTI Futures

Trading in the current delivery month shall cease at the end of the designated settlement period on the third Business Day prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth calendar day of the month is a Non-Business Day, trading shall cease at the end of the designated settlement period on the third Business Day prior to the last Business Day preceding the twenty-fifth calendar day.

Brent Futures

Trading shall cease at the end of the designated settlement period on the last Business Day of the second month preceding the relevant contract month (e.g. the March contract month will expire on the last Business Day of January).

If the day on which trading 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

Settlement

Trading the ICE Permian WTI-Brent Futures Spread will result in two separate positions in the underlying futures markets for Permian WTI and Brent. The settlement of each leg will be respective expiry of the Permian WTI and WTI futures contracts as made public by ICE Futures Europe.

MIC Code

IFEU

Clearing Venues

ICEU

Trading Hours

Codes