Asset Class Navigation

Brent Last Day Financial Futures Contract Specs

Contract Unit 1,000 barrels
Price Quotation U.S. Dollars and Cents per barrel
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation $0.01 per barrel
Product Code CME Globex: BZ
CME ClearPort: BZ
Clearing: BZ
TAS: BZT
TAM: BZS
Listed Contracts Monthly contracts listed for the current year and the next 7 calendar years and 3 additional consecutive contract months. Monthly contracts for a new calendar year and 3 additional consecutive contract months will be added following the termination of trading in the December contract of the current year.
Settlement Method Financially Settled
Floating Price The Floating Price is equal to the ICE Brent Crude Oil Index price as published one day after the final trading day of the contract month.
Termination Of Trading Trading terminates on the last UK business day of the second month prior to the contract month, except for the UK business day prior to New Year’s Day, where trading terminates on the second UK business day prior to New Year’s Day.
Trade At Marker Or Trade At Settlement Rules Trading at settlement is available for spot, 2nd, 3rd and 4th months subject to the requirements of Rule 524.A. TAS Trading ceases daily at 2:30 PM ET. Products eligible for TAS pricing trade off of a "Base Price" of 0 to create a differential (plus or minus 40 ticks at 0.0025 equal to 10 BZ ticks at 0.01) versus the settlement price in the underlying product on a 1 to 1 basis. A trade done at the Base Price of 0 corresponds to a "traditional" TAS trade which clears exactly at the final settlement price of the day.

TAM trading is analogous to our existing Trading at Settlement (TAS) trading wherein parties will be permitted to trade at a differential that represents a not-yet-known price. TAM trading will use a marker price, whereas TAS trading uses the Exchange-determined settlement price for the applicable contract month. As with TAS trading, parties will be able to enter TAM orders at the TAM price or at a differential between one and ten ticks higher or lower than the TAM price. Trading at marker is available for spot month on the last trading day.

Brent Crude Oil Financial Futures (BZ) spot, 2nd, 3rd and 4th months and nearby/second month, nearby/third month, nearby/fourth month, second/third month, second/fourth month and third/fourth month calendar spreads.

No-Activity Periods:
4:30 p.m. London time – 5:50 p.m. Eastern time Monday – Thursday
4:30 p.m. London time Friday – 5:20 p.m. Eastern time Sunday
Settlement Procedures Brent Crude Oil Last Day Financial Futures Settlement Procedures
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 698
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing