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3.5% Fuel Oil Cargoes FOB MED (Platts) Crack Spread Futures Contract Specs

Contract Unit 1,000 barrels
Price Quotation U.S. dollars and cents per barrels
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (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 a.m. - 2:30 p.m. New York time/ET (8:00 a.m. - 1:30 p.m. Chicago Time/CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (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)
Minimum Price Fluctuation $0.001 per barrel
Product Code CME Globex: FL
CME ClearPort: FL
Open Outcry: FL
Clearing: FL
Listed Contracts CME Globex: 1 month
CME ClearPort and Open Outcry: The current year and the next 2 years. A new calendar year will be added following the termination of trading in the December contract of the current year.
DEFAULT The current year and the next 2 years. A new calendar year 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 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 3.5% Fuel Oil under the heading ""Cargoes FOB Med Basis Italy"" minus the ICE Brent Crude Oil Futures first nearby contract settlement price for each business day during the contract month (using Non-common pricing), except as set forth in Section (B) below.

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.

(B) The settlement price of the first nearby contract month for 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 Brent contract will be used."
Termination Of Trading Trading ceases on the last business day of the contract month.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 735
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing