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LOOP Crude Oil Storage Futures Contract Specs

Contract Unit 1,000 barrels
Price Quotation $0.001/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 $0.001 per barrel
Product Code CME Globex: LPS
CME ClearPort: LPS
Clearing: LPS
Listed Contracts Monthly contracts listed for 15 consecutive months
Settlement Method Deliverable
Termination Of Trading Trading 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.
Settlement Procedures Physical
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 210
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing
Delivery Procedure The seller shall provide the buyer with a Capacity Allocation Contract (CAC) which allows for the legal right to store crude oil for a calendar month at the LOOP LLC storage facility in Louisiana.