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Description

A monthly cash settled future based on the Argus daily assessment price for WTI Midland (1st Month).

Market Specifications

Trading Screen Product Name

Crude Futures (Trade Month)

Trading Screen Hub Name

Argus WTI Mid

Contract Symbol

JFP

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 "WTI", subheading “Weighted average” for "WTI Midland" (1st Month) for each business day (as specified below) in the determination period.

Contract Series

Up to 60 consecutive months

Business Days

Publication days for Argus Crude

MIC Code

IFED

Clearing Venues

ICEU

Related Products

• Crude Diff - Argus WTI Midland vs WTI Trade Month Future
• Crude Diff - Argus WTI Houston vs Argus WTI Midland Trade Month Future
• Crude Diff - Argus WTI Midland vs WTI 1st Line Future
• Crude Diff - Argus WTI Midland vs WTI Trade Month Balmo Future
• Crude Oil Diff - Midland WTI vs HOU Trade Month (GX) Future

Trading Hours

Codes