Heating Oil (Physical) futures are an outright heating oil contract between a buyer and a seller.
|New York Harbor No. 2 Heating Oil Futures|
|Venue||CME Globex, CME ClearPort, Open Outcry (New York)|
(All Times are New York Time/ET)
|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)|
|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)|
|Open Outcry:||Monday – Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)|
|Contract Unit||42,000 gallons|
|Price Quotation||U.S. dollars and cents per gallon|
|Minimum Fluctuation||$0.0001 per gallon|
|Maximum Daily Price Fluctuation||Initial Price Fluctuation Limits for All Contract Months. At the commencement of each trading day, there shall be price fluctuation limits in effect for each contract month of this futures contract of $0.25 per gallon above or below the previous day's settlement price for such contract month. If a market for any of the first three (3) contract months is bid or offered at the upper or lower price fluctuation limit, as applicable, on CME Globex it will be considered a Triggering Event which will halt trading for a five (5) minute period in all contract months of the HO futures contract, as well as all contract months in all products cited in the Associated Products Appendix of rule 150.07. Trading in any option related to this contract or in an option contract related to any products cited in the Associated Products Appendix which may be available for trading on either CME Globex or on the Trading Floor shall additionally be subject to a coordinated trading halt.|
|Termination of Trading||Trading in a current month shall cease on the last business day of the month preceding the delivery month.|
|Trading at Settlement (TAS)||Trading at settlement is available for spot (except on the last trading day), 2nd, and 3rd months and subject to the existing TAS rules. Trading in all TAS products will cease daily at 2:30 PM Eastern Time. The TAS products will trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. A trade done at the Base Price of 0 will correspond to a "traditional" TAS trade which will clear exactly at the final settlement price of the day.|
|Trade at Marker (TAM)||Platts TAM trading based on the Platts 3:15PM (Eastern Time) Futures Assessment, will be available in the first two (2) contract months of HO and in calendar spreads between the first and second contract months.
TAM trading is analogous to our existing Trading at Settlement (TAS) trading wherein parties will be permitted to trade at a differential that represents a not-yet-known price. TAM trading will use a marker price, whereas TAS trading uses the Exchange-determined settlement price for the applicable contract month. As with TAS trading, parties will be able to enter TAM orders at the TAM price or at a differential between one and ten ticks higher or lower than the TAM price. Trading at marker is available for spot month on the last trading day.
New York Harbor No. 2. Heating Oil (HO) spot, 2nd and 3rd months and nearby/second month, second/third month and nearby/third month calendar spreads.
4:30 p.m. London time – 5:50 p.m. Eastern time Monday – Thursday
4:30 p.m. London time Friday – 5:20 p.m. Eastern time Sunday
|Listed Contracts||Current Year + 3 Years + 1 Month|
|Settlement Procedure||Daily NYMEX Energy Futures Settlement Procedure (PDF)
Final NYMEX Energy Futures Settlement Procedure (PDF)
|Delivery Period||Please see rulebook chapter 150|
|Position Limits||NYMEX Position Limits|
|Exchange Rule||These contracts are listed with, and subject to, the rules and regulations of NYMEX.|