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European Gasoil Brent Crack Spread Futures Contract Specs

    Please note that effective the January 2015 contract month, the floating price reference for this contract will be the ICE Low Sulphur Gasoil Futures 1st nearby contract settlement. For further details click here

Product Symbol GZ
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 barrels
Minimum Fluctuation $0.001 per barrel
Floating Price The Floating Price for each contract month up to and including the December 2014 contract is equal to the arithmetic average of the Gasoil (ICE) first nearby contract month settlement price minus the Brent Crude Oil (ICE) first nearby contract month settlement price for each business day during the contract month (using Non-common pricing).

The Floating Price for each contract month for January 2015 and beyond is equal to the arithmetic average of the Low Sulphur Gasoil (ICE) first nearby contract month settlement price minus the Brent Crude Oil (ICE) first nearby contract month settlement price for each business day during the contract month (using Non-common pricing).

For purposes of determining the Floating Price, the Gasoil and or ICE Low Sulphur Gasoil price will be converted each day to U.S. dollars and cents per barrel, rounded to the nearest cent. The conversion factor will be 7.45 barrels per metric ton.

The settlement prices of the 1st nearby contract month will be used except on the last day of trading for the expiring Brent Crude Oil
Termination of Trading Trading ceases on the last business day of the contract month.
Listed Contracts Monthly contracts shall be listed for the current year +6 years
Settlement Type Financial
Position Limits NYMEX Position Limits
Rulebook Chapter 710
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of NYMEX.