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Mont Belvieu Normal Butane (OPIS) vs European Butane CIF ARA (Argus) Futures Contract Specs

Contract Unit 1000 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: TEF
CME ClearPort: TEF
Clearing: TEF
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 OPIS Mt. Belvieu Butane (non-LDH) minus the aithmetic average of the high and low quotations from Argus Media for Butane CIF ARA Large Cargo for each business day that is determined during the contract month (using Non-common pricing). For the purposes of determining the Floating Price, the OPIS Mt. Belvieu Butane (non-LDH) price will be converted each day to a U.S. dollars and cents per metric ton, rounded to the nearest cent. The conversion factror will be 452.8 gallons per metric ton.
Termination Of Trading Trading terminates on the last U.S. and London business day of the month.
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 1428
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing