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ICE Futures U.S.

Crude Diff – Midland WTI American Gulf Coast 1st Line vs Brent 1st Line Future

Description

A monthly cash settled future based on the ICE settlement price for Midland WTI American Gulf Coast 1st Line Future and the ICE settlement price for Brent 1st Line Future.

Market Specifications

Trading Screen Product Name
Crude Diff Futures
Trading Screen Hub Name
Midland WTI 1st Line/Brent 1st Line
Contract Symbol
HOV
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
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 settlement prices as made public by ICE for the front month Midland WTI American Gulf Coast Future and the average of the settlement prices as made public by ICE for the front month ICE Brent 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 Crude 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 96 consecutive months, or as otherwise determined by the Exchange
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
Business Days
ICE Business Days
MIC Code
IFED
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York8:50 PM - 7:00 PM
20:50 - 19:00
8:40 PM
20:40
London12:50 AM - 11:00 PM
00:50 - 23:00
12:40 AM
00:40
Singapore8:50 AM - 7:00 AM
08:50 - 07:00
8:40 AM
08:40

Sunday Pre-Open 5:10 PM ET; Closed on Saturday

Codes

Clearing Admin Name
Am Crude Diffs
Physical
HOV
Logical
HOV
GMI (FC)
O-
ION A.C.N.
Symbol Code
HOV