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1.0% Fuel Oil Cargoes FOB NWE (Platts) Crack Spread (1000mt) Futures Contract Specs

Product Symbol CME Globex: FVB
CME ClearPort: FVB
Open Outcry: FVB
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) Trade is Flow per day or Flow per month.
Open Outcry: Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. CT)
Contract Unit 6,350 barrels (1,000 metic tons)
Price Quotation U.S. dollars and cents per barrel
Minimum Fluctuation $0.001 per barrel
Floating Price The Floating Price for each contract month is equal to the arithmetic average of the mid-point of the high and low quotations from the Platts European Marketscan for 1.0% Fuel Oil under the heading "Cargoes FOB NWE" minus the ICE Brent Crude Oil Futures first nearby contract settlement price for each business day during the contract month (using Non-common pricing).

The settlement price of the first nearby Brent Crude Oil Futures contract month will be used except on the last day of trading for the expiring Brent Crude Oil Futures contract when the settlement price of the second nearby contract month will be used.

For purposes of determining the Floating Price, the Platts Fuel Oil assessment price will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent. The conversion factor will be 6.35 barrels per metric ton.
Termination of Trading Trading shall cease on the last business day of the contract month.
Listed Contracts The current year and the next year. A new calendar year will be added following the termination of trading in the December contract of the current year.
Settlement Type Financial
Position Limits NYMEX Position Limits
Rulebook Chapter 142
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.