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WTL Midland (Argus) vs. WTI Calendar 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. 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: TIL
CME ClearPort: TIL
Clearing: TIL
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 WTL Midland (1st month) differential weighted average (Diff wtd avg) price from Argus Media, which is based on the weighted average floating price of WTL Midland minus the "WTI Formula Basis" price from Argus Media, for each day during the calendar month. 
Termination Of Trading Trading terminates on the last business day of the contract month.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 1287
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing