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Description

A cash settled future based on the Platts daily assessment price for West Texas Midland vs ICE HOU Diff weighted average.

Market Specifications

Trading Screen Product Name

Crude Diff Futures (HOU Trade Month)

Trading Screen Hub Name

West Texas Midland (Platts)/HOU (Platts)

Contract Symbol

PM1

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 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.

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 “Mid” quotations appearing in the "Platts Crude Oil Marketwire" report under the heading “US spot crude assessments” subheading "Spread vs ICE HOU" for "WTI Midland” for each business day in the determination period.

Contract Series

Up to 60 consecutive months, or as otherwise determined by the Exchange

Final Payment Date

Two Clearing House Business Days following the Last Trading Day

Business Days

Publication days for Platts Crude Oil Marketwire

MIC Code

IFED

Clearing Venues

ICEU

Trading Hours

Codes