LOOP Crude Oil Storage Futures Contract Specs
| Contract Unit | 1,000 barrels | ||||
| Price Quotation | $0.001/Barrel | ||||
| Trading Hours | CME Globex: | 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) | CME ClearPort: | 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) | |
| Minimum Price Fluctuation | $0.001 per barrel | ||||
| Product Code | CME Globex: LPSCME ClearPort: LPSClearing: LPS | ||||
| Listed Contracts | Monthly contracts listed for 15 consecutive months | ||||
| Settlement Method | Deliverable | ||||
| Termination Of Trading | Trading shall cease on the third business day prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth calendar day of the month is a non-business day, trading shall cease on the third business day prior to the last business day preceding the twenty-fifth calendar day. | ||||
| Settlement Procedures | Physical | ||||
| Position Limits | NYMEX Position Limits | ||||
| Exchange Rulebook | NYMEX 210 | ||||
| Block Minimum | Block Minimum Thresholds | ||||
| Vendor Codes | Quote Vendor Symbols Listing | ||||
| Delivery Procedure | The seller shall provide the buyer with a Capacity Allocation Contract (CAC) which allows for the legal right to store crude oil for a calendar month at the LOOP LLC storage facility in Louisiana. | ||||
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