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Description

A monthly cash settled future based on the difference between the Platts daily assessment price for Naphtha FOB Med Cargoes and Naphtha CIF NWE Cargoes.

Market Specifications

Trading Screen Product Name

Naphtha Diff Futures

Trading Screen Hub Name

Naphtha FOB Med Cg/Naphtha CIF NWE Cg (Platts)

Contract Symbol

NEF

Contract Size

1,000 metric tonnes

Unit of Trading

Any multiple of 1,000 metric tonnes

Currency

US Dollars and cents

Trading Price Quotation

One cent ($0.01) per metric tonne

Settlement Price Quotation

One tenth of one cent ($0.001) per metric tonne

Minimum Price Fluctuation

One tenth of one cent ($0.001) per metric tonne

Last Trading Day

Last Trading Day of the contract month

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 metric tonne based on the difference between the average of the “Mid” quotations appearing in the “Platts European Marketscan” under the heading “Mediterranean cargoes” subheading “FOB Med (Italy)” for “Naphtha*” and the average of the “Mid” quotations appearing in the "Platts European Marketscan" under the heading "Northwest European cargoes" subheading "CIF NWE/Basis ARA" for "Naphtha" for each business day (as specified below) in the determination period.

Contract Series

Up to 48 consecutive months

Final Payment Date

Two Clearing House Business Days following the Last Trading Day

Business Days

Publication days for Platts European Marketscan

MIC Code

IFEU

Clearing Venues

ICEU

Trading Hours

Codes