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LOOP Gulf Coast Sour Crude Oil Futures Contract Specs

Product Symbol MB
Venue CME Globex, CME ClearPort, Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME Globex: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)
Contract Unit 1,000 barrels
Price Quotation U.S. Dollars and Cents per barrel
Minimum Fluctuation $0.01 per barrel
Settlement Price Physical delivery will be based on the Final Settlement Price on the last day of trading. The physical delivery obligation is based on “LOOP Sour” type crude oil which consists of a fungible blend of Mars, Poseidon, and Segregation 17 crude oil streams delivered into LOOP storage designated as “LOOP Sour Storage” in Clovelly, Louisiana. The contract is available for trading as an inter-commodity spread to WTI on CME Globex, using the MB:CL spread code.
Termination of Trading Trading in the current delivery month shall cease 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 on the third business day prior to the last business day preceding the twenty-fifth calendar day. In the event that the official Exchange holiday schedule changes subsequent to the listing of a Crude Oil futures contract, the originally listed expiration date shall remain in effect.
Listed Contracts 36 consecutive months
Settlement Type Physical delivery shall be made free-on-board (“F.O.B.”) LOOP’s storage capacity designated for LOOP Sour Storage at Clovelly, Louisiana. The grade specifications shall be based on “LOOP Sour” type crude oil which consists of a fungible blend of Mars, Poseidon, and Segregation 17 crude oil streams.
Position Limits NYMEX Position Limits
Rulebook Chapter 506
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.