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Description

The ICE NYH ULSHO/Permian WTI Futures Crack allows you to trade the spread between ICE NYH ULSHO Futures and ICE Permian WTI Futures. Trading a position in the crack spread results in two separate positions in the underlying futures legs i.e. a long position in ICE NYH ULSHO Futures and a short position in ICE Permian WTI Futures. Both the NYH ULSHO position and the Permian WTI position are physically delivered.

Crack Spreads between NYH ULSHO Futures and ICE Permian WTI Crude Futures defer their dates and terms to the applicable expiry dates of the contracts referenced by the leg markets

Market Specifications

Trading Screen Product Name

Heating Oil/Midland WTI Crack

Trading Hours

GMT Hours* - 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 Mondays), Close: 07:00 the following day.

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

Contract Size

1,000 barrels (42,000 gallons)

Unit of Trading

Any multiple of 1,000 barrels (42,000 gallons)

Trading Price Quotation

One cent ($0.01) per barrel

Settlement Price Quotation

One cent ($0.01) per barrel

Minimum Price Fluctuation

One cent ($0.01) per barrel

Last Trading Day

The last trading day for the NYH ULSHO/Permian WTI Futures Crack is determined by the expiry date for ICE Permian WTI Crude Futures.

Settlement

Trading the NYH ULSHO/Permian WTI Futures Crack will result in two separate positions in the underlying futures markets for NYH ULSHO and ICE Permian WTI. The settlement of each leg will be the respective settlement prices for both the ICE NYH ULSHO Futures and ICE Permian WTI Futures contracts as made public by ICE Futures Europe. Upon expiry of the ICE Permian WTI Futures leg, holders of the NYH ULSHO/Permian WTI crack trade will then be left with a long or short position in the NYH ULSHO market which will be settled on expiry of the relevant underlying NYH ULSHO futures contract.

ICE NYH ULSHO Futures settlement: The final settlement price as determined on the Last Trading Day of the expiring contract month shall be the basis for delivery.

ICE Permian WTI Futures settlement: The final settlement price as determined on the Last Trading Day of the expiring contract month shall be the basis for delivery.

Position Limit

The Exchange may impose position accountability levels or limits on positions in this contract at its discretion as provided in Rules P4 and P3 respectively. Exemptions from position limits may be granted at Exchange discretion for bona fide hedge positions

Contract Series

Up to 24 consecutive months

Business Days

ICE Business Days

MIC Code

IFEU

Clearing Venues

ICEU

Codes