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WTI Houston (Argus) vs. Brent Calendar Month Futures Contract Specs

Contract Unit 1,000 barrels
Price Quotation U.S. Dollars and Cents per barrel
Trading Hours Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
Minimum Price Fluctuation 0.01=$10.00
Product Code CME Globex: WBR
CME ClearPort: WBR
Clearing: WBR
Listed Contracts Monthly contracts listed for the current year and the next 3 calendar years.  List monthly contracts for a new calendar year 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 equal to the arithmetic average of the WTI Houston (1st month) weighted average index price from Argus Media minus ICE Brent (1st month) price for each business day during the contract month.
The settlement price of the first nearby contract month will be used except on the last day of trading for the expiring Brent Crude Oil Futures contract when the settlement price of the second nearby contract will be used.
The Floating Price is calculated using the non-common pricing convention. In calculating the spread differential, the monthly average for each component leg of the spread shall be calculated by 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 1312
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing