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3.5% Fuel Oil CIF Med (Platts) vs. 3.5% Fuel Oil FOB Med (Platts) Futures Contract Specs

Contract Unit 1,000 Metric Tons
Price Quotation U.S. dollars and cents per metric ton
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 CME ClearPort: 0.001 per metric ton = $1.00
CME Globex: 0.01 per metric ton = $10.00
Product Code CME Globex: CMF
CME ClearPort: CMF
Clearing: CMF
Listed Contracts Monthly contracts listed for the current year and the next 2 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 mid-point of the high and low quotations from the Platts European Marketscan for 3.5% Fuel Oil under the heading "Cargoes CIF Med (Genoa/Lavera)" minus 3.5% Fuel Oil under the heading "FOB Med (Italy)" for each business day during the contract month (using Non-common pricing). 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 512
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing