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Urals North (Platts) vs. Dated Brent (Platts) CFD Futures Contract Specs

Contract Unit 1,000 Barrels
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)
Minimum Price Fluctuation CME Globex: $0.01 per Barrel
CME ClearPort: $0.001 per Barrel
Product Code CME Globex: UNS
CME ClearPort: UNS
Clearing: UNS
Listed Contracts Monthly contracts listed for the current year and the next 2 calendar years.  Monthly contracts for a new calendar year will be added following the termination of trading in the December contract of the current year.
Settlement Method Financially Settled
Floating Price The Floating Price for each contract month is the arithmetic average of the mid-point between the high and low quotations from the Platts Crude Oil Marketwire, under the heading Russian Urals/ESPO spot assessment for "Urals Rotterdam" minus the arithmetic average of the mid-point between the high and low quotations from the Platts Crude Oil Marketwire under the heading Forward Dated Brent for "Mediterranean Dated Strip" for each business day that both are determined during the contract month. The floating price is calculated using non-common pricing convention. In calculating the spread differential, the monthly average for each component leg of the spread shall be calculated using all trading days in the month for each component leg of the spread, followed by the calculation of the spread differential between the two averages.
Termination Of Trading Trading terminates on the last business day of the contract month.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 227
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing