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WTI Midland (Argus) vs. WTI Financial Futures Contract Specs

Product Symbol CME Globex: AFF
CME ClearPort: FF
Open Outcry: FF
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) Trade is Flow per day.
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
Floating Price The Floating Price for each contract month is equal to the arithmetic average of the differential of the WTI Midland (1st month) weighted average price from Argus Media minus the NYMEX Light Sweet Crude Oil Futures first nearby contract month settlement price for each business day that both are determined during the contract month.
Termination of Trading Trading shall cease on the last business day of the contract month.
Listed Contracts CME Globex: 1 month
CME ClearPort and Open Outcry: ClearPort and Open Outcry: The current year and the next five (5) consecutive calendar years. At the expiration of the December contract month, a new, full year shall be added
Settlement Type Financial
Position Limits NYMEX Position Limits
Rulebook Chapter 856
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.