Crude Oil Diff - Midland WTI vs HOU Trade Month (GX) Future83048629
ICE Futures U.S.
Crude Oil Diff - Midland WTI vs HOU Trade Month (GX) Future
Description
A cash settled future based on the General Index daily assessment for Midland WTI vs ICE HOU Diff weighted average.
Market Specifications
- Trading Screen Product Name
- Crude Diff Futures (HOU Trade Month)
- Trading Screen Hub Name
- Midland WTI/HOU (GX)
- Contract Symbol
- GMI
- 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 average of the “VWA Diff” quotations appearing in the "GX North America Crude" report under the heading “ICE HOU Markets” subheading "Midland" for "WTI” for each business day in the determination period.
The Midland WTI Houston volume weighted average diff (VWA Diff) price, taken from General Index, is based upon the Midland WTI volume weighted average outright (VWA Outright) price minus the ICE Midland WTI AGC (HOU) (front month) price from ICE, for the ICE trade month period beginning on the second Business Day prior to the twenty-fifth calendar day of the month two months prior to the delivery month and ending 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..
- 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 General Index North America Crude
- MIC Code
- IFED
- Clearing Venues
- ICEU
Related Products
Trading Hours
| City | Trading | Pre-Open |
|---|---|---|
| NEW YORK | 7:50 PM - 6:00 PM* 19:50 - 18:00 | 7:40 PM 19:40 |
| LONDON | 12:50 AM - 11:00 PM 00:50 - 23:00 | 12:40 AM 00:40 |
| SINGAPORE | 8:50 AM - 7:00 AM* 08:50 - 07:00 | 8:40 AM 08:40 |
*Next Day
Sunday Pre-Open 5:10 PM ET; Closed on Saturday
Codes
- Clearing Admin Name
- Am Crude Diffs
- Physical
- GMI
- Logical
- GMI
- GMI (FC)
- ION A.C.N.
- Symbol Code
- GMI