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Mont Belvieu LDH Propane (OPIS) vs. European Propane CIF ARA (Argus) Futures Contract Specs

Contract Unit 1,000 metric tons
Price Quotation U.S. dollars and cents per metric ton
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 0.001 per metric ton = $1.00
Product Code CME Globex: 51
CME ClearPort: 51
Clearing: 51
Listed Contracts Monthly contracts listed for 36 consecutive months
Settlement Method Financially Settled
Floating Price The Floating Price for each contract month is equal to the arithmetic average of the OPIS Mt. Belvieu Propane (LDH) minus arithmetic average of the high and low quotations from Argus Media for Propane CIF ARA for each business day that it is determined during the contract month (using Non-common pricing).

For purposes of determining the Floating Price, the Argus Media for Propane CIF ARA price will be converted each day to U.S. dollars and cents per gallon, rounded to the nearest cent. The conversion factor will be 521 gallons per metric ton.
Termination Of Trading Trading terminates on the last business day of the contract month.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 421
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing