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WTI Houston vs. Brent Trade Month 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. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT).
Minimum Price Fluctuation 0.01 per Barrel = $10.00
Product Code CME Globex: HBR
CME ClearPort: HBR
Clearing: HBR
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 average of the NYMEX WTI Houston Crude Oil front month settlement price minus the ICE Brent front month settlement price for the Trade month period beginning with the first business day after the 25th calendar day two months prior to the contract month through the last business day that falls on or before the 25th calendar day of the month prior to the contract month. If the 25th calendar day is a weekend or holiday, the Trade month period shall end on the first business day prior to the 25th calendar day.  The Brent 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 25th calendar day of the month prior to the contract month. If the 25th calendar day is not a business day, trading terminates on the business day prior to the 25th calendar day.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 811
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing