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Crude Oil Options Contract Specs

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Contract Unit	A Light Sweet Crude Oil Put (Call) Option traded on the Exchange represents an option to assume a short (long) position in the underlying Light Sweet Crude Oil Futures traded on the Exchange.
Minimum Price Fluctuation	$0.01 per barrel
Price Quotation	U.S. dollars and cents per barrel.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: LO CME ClearPort: LO Clearing: LO
Listed Contracts	Monthly contracts listed for the current year and the next 8 calendar years and 2 additional consecutive contract months. Monthly contracts for a new calendar year and 2 additional consecutive contract months will be added following the termination of trading in the December contract of the current year.
Termination Of Trading	Trading terminates 3 business days before the termination of trading in the underlying futures contract.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 310
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	American
Settlement Method	Deliverable
Underlying	Light Sweet Crude Oil Futures

Welcome to WTI Crude Oil Futures

Whether you are a new trader looking to get started in futures, or an experienced trader looking for a better way to hedge crude oil, NYMEX WTI Light Sweet Crude Oil futures are the most efficient way to trade today’s global oil markets.

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Contract Unit	1,000 barrels
Minimum Price Fluctuation	0.01 per barrel = $10.00
Price Quotation	U.S. dollars and cents per barrel
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: WAY CME ClearPort: WA Clearing: WA
Listed Contracts	1-Month spreads listed for the current year and next 5 calendar years. List 1-Month spreads for a new calendar year following the termination of trading in the December spread of the current year.
Termination Of Trading	Trading terminates on the business day prior to termination of trading in the first leg of the underlying spread.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 390
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Deliverable
Underlying	Crude Oil Futures

Contract Unit	A WTI Calendar Spread Put Option on the Exchange represents an option to assume a short position in the first Expiring Light Sweet Crude Oil Futures in the spread and a long position in the second expiring Light Sweet Crude Oil Futures in the spread on the Exchange. A WTI Calendar Spread Call Option represents an option to assume a long position in the first expiring Light Sweet Crude Oil Futures in the spread and a short position in the second expiring Light Sweet Crude Oil Futures in the spread traded on the Exchange.
Minimum Price Fluctuation	$0.01 per barrel
Price Quotation	U.S. dollars and cents per barrel
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: WB CME ClearPort: WB Clearing: WB
Listed Contracts	2-Month spreads listed for 12 consecutive months
Termination Of Trading	Trading terminates on the last business day immediately preceding the expiration of the first expiring futures contract in the spread.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 390
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Deliverable
Underlying	Crude Oil Futures

Contract Unit	The underlying spread for the one-month Daily Calendar Spread Option will be defined as the first nearby month Light Sweet Crude Oil Futures contract less the second nearby month Light Sweet Crude Oil Futures contract. The underlying spread for the two-month Daily Calendar Spread Option will be defined as the first nearby month Light Sweet Crude Oil Futures contract less the third nearby month Light Sweet Crude Oil Futures contract. A call Option represents the differential between the settlement price of the underlying spread less the strike price, or zero whichever is greater, multiplied by 1,000. A put Option represents the differential between the strike price and the settlement price of the underlying spread, or zero, whichever is greater, multiplied by 1,000. In the event that the option is expiring on the last trading day of the first nearby Light Sweet Crude Oil Futures contract, the underlying spread for the one-month Daily Calendar Spread Option will be defined as the second nearby month Light Sweet Crude Oil Futures contract less the third nearby month Light Sweet Crude Oil Futures contract. The underlying spread for the two-month Daily Calendar Spread Option will be defined as the second nearby month Light Sweet Crude Oil Futures contract less the fourth nearby month Light Sweet Crude Oil Futures contract.
Minimum Price Fluctuation	$0.01 per barrel
Price Quotation	U.S. dollars and cents per barrel
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: DNM CME ClearPort: DNM Clearing: DNM
Listed Contracts	Daily contracts listed for 1 day
Termination Of Trading	Trading terminates at the close of the business day that it was initially listed on.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 915
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Crude Oil Futures

Contract Unit	A Daily Crude Oil Put Option traded on the Exchange represents the cash difference between the strike price and the settlement price of the first nearby settlement price of Light Sweet Crude Oil Futures multiplied by 1,000 barrels, or zero, whichever is greater. A Daily Crude Oil Call Option traded on the Exchange represents the cash difference between the settlement price of the first nearby settlement price of Light Sweet Crude Oil Futures and the strike price multiplied by 1,000 barrels, or zero, whichever is greater.
Minimum Price Fluctuation	$0.01 per barrel
Price Quotation	U.S. dollars and cents per barrel.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: ICD CME ClearPort: CD Clearing: CD
Listed Contracts	Daily contract listed for 1 day.
Termination Of Trading	Trading terminates at the close of the business day that it was initially listed on..
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 833
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Light Sweet Crude Oil Futures

Contract Unit	On expiration of a call option, the value will be the difference between the settlement price of the underlying Light Sweet Crude Oil Futures and the strike price multiplied by 1,000 barrels, or zero, whichever is greater. On expiration of a put option, the value will be the difference between the strike price and the settlement price of the underlying Light Sweet Crude Oil Futures multiplied by 1,000 barrels, or zero, whichever is greater.
Minimum Price Fluctuation	$0.01 per barrel
Price Quotation	U.S. dollars and cents per barrel.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: LCE CME ClearPort: LC Clearing: LC
Listed Contracts	Monthly contracts listed for the current year and the next 8 calendar years and 2 additional consecutive contract months. Monthly contracts for a new calendar year and 2 additional consecutive contract months will be added following the termination of trading in the December contract of the current year.
Termination Of Trading	Trading terminates 3 business days before the termination of trading in the underlying futures contract.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 550
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Light Sweet Crude Oil Futures

Contract Unit	The underlying futures spread is defined as the settlement price of the first nearby underlying Crude Oil futures contract less the settlement price of the second nearby Crude Oil futures contract. A Crude Oil Financial Calendar Spread Put Option traded on the Exchange represents the cash difference between the strike price and the underlying futures spread, multiplied by 1,000 barrels, or zero, whichever is greater. A Crude Oil Financial Calendar Spread Call Option traded on the Exchange represents the cash difference between the underlying futures spread and the strike price multiplied by 1,000 barrels, or zero, whichever is greater.
Minimum Price Fluctuation	$0.01 per barrel
Price Quotation	U.S. dollars and cents per barrel.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: B7A CME ClearPort: 7A Clearing: 7A
Listed Contracts	1-Month spreads listed for the current year and next 5 calendar years. List 1-Month spreads for a new calendar year following the termination of trading in the December spread of the current year.
Termination Of Trading	Trading terminates at the close of trading 1 business day immediately preceding the expiration of the first expiring Light Sweet Crude Oil Futures (CL) contract in the spread.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 397
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Crude Oil Financial Futures

Contract Unit	A Crude Oil Financial Calendar Spread Put Option traded on the Exchange represents the cash difference between the strike price and the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread multiplied by 1,000 barrels, or zero, whichever is greater. A Crude Oil Financial Calendar Spread Call Option traded on the Exchange represents the cash difference between the settlement price of the first expiring Light Sweet Crude Oil Futures in the spread less the settlement price of the second expiring Light Sweet Crude Oil Futures in the spread and the strike price multiplied by 1,000 barrels, or zero, whichever is greater.
Minimum Price Fluctuation	$0.01 per barrel
Price Quotation	U.S. dollars and cents per barrel.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: 7B CME ClearPort: 7B Clearing: 7B
Listed Contracts	2-Month spreads listed for 12 consecutive months
Termination Of Trading	Trading terminates 1 business day immediately preceding the expiration of the first expiring futures contract in the spread.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 397
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Crude Oil Financial Futures

Contract Unit	A Short-Term Crude Oil Put Option contract traded on the Exchange represents the cash difference between the exercise price and the settlement price of the first nearby underlying Light Sweet Crude Oil Futures contract multiplied by 1,000, or zero, whichever is greater. In the event that the option is expiring on the last trading day of the first nearby underlying Light Sweet Crude Oil Futures contract, the second nearby underlying futures will be used for settlement. A Short-Term Crude Oil Call Option contract traded on the Exchange represents the cash difference between the settlement price of the first nearby settlement price of Crude Oil Futures contract and the exercise price multiplied by 1,000, or zero, whichever is greater. In the event that the option is expiring on the last trading day of the first nearby Crude Oil Futures contract, the second nearby underlying futures will be used for settlement.
Minimum Price Fluctuation	$0.01 per barrel
Price Quotation	U.S. dollars and cents per barrel.
Trading Hours	Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: C01 CME ClearPort: C01 Clearing: C01
Listed Contracts	Daily contracts listed for the current day and the following four business days within a seven-calendar day period, unless that business day coincides with the expiration of a monthly Crude Oil Option in which case it will not be listed. No short-term option shall be listed if its expiration coincides with an Exchange holiday.
Termination Of Trading	Expiration day will coincide with the contract ticker symbol. For example, C25 N11 would coincide with a Short-Term Crude Oil Option expiration of July 25, 2011.
Position Limits	NYMEX Position Limits
Exchange Rulebook	NYMEX 1065
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strike Price Listing and Exercise Procedures Table
Exercise Style	European
Settlement Method	Financially Settled
Underlying	Light Sweet Crude Oil Futures