As per normal review, CME Clearing has undertaken a review of the parameters within the stressed value-at-risk subcomponent of the market risk component of the SPAN 2 framework’s crude pod. Following this review, CME Clearing has determined that it will implement increases to the hypothetical scenarios within the stressed value-at-risk subcomponent. Impact on production portfolios will vary depending upon the risk profile for each individual portfolio as will the impact on individual outrights and spreads, but CME Clearing generally expects margins for most outrights to see increases under 30% and most spreads to see increases under 45%, on a dollar basis.

The associated changes will be effective after the close of business on March 13, 2026.