The crude oil contract specifications tell you how the crude oil futures trade, not how
to trade to crude oil futures. Before you consider opening a commodity futures account, you should consult with
a licensed commodities broker.
Trading Unit
1,000 U.S. barrels (42,000 gallons).
Price Quotation
U.S.
dollars and cents per barrel.
Trading Hours (All times are New York time)
Open outcry trading is conducted from 9:00 AM until 2:30 PM.
Electronic
trading is conducted from 6:00 PM until 5:15 PM via the CME Globex® trading platform, Sunday through Friday. There is
a 45-minute break each day between 5:15PM (current trade date) and 6:00 PM (next trade date).
Trading Months
Crude
oil futures are listed nine years forward using the following listing schedule: consecutive months are listed for the current
year and the next five years; in addition, the June and December contract months are listed beyond the sixth year. Additional
months will be added on an annual basis after the December contract expires, so that an additional June and December contract
would be added nine years forward, and the consecutive months in the sixth calendar year will be filled in.
Additionally, trading can
be executed at an average differential to the previous day's settlement prices for periods of two to 30 consecutive months
in a single transaction. These calendar strips are executed during open outcry trading hours.
Trading at Settlement (TAS)
Trading at settlement is available for the front two months except on the last trading day and is subject to the
existing TAS rules. Trading in all TAS products will cease daily at 2:30 PM Eastern Time. The TAS products will trade off
of a "Base Price" of 100 to create a differential (plus or minus) in points off settlement in the underlying cleared
product on a 1 to 1 basis. A trade done at the Base Price of 100 will correspond to a "traditional" TAS trade which
will clear exactly at the final settlement price of the day.
Minimum Price Fluctuation
$0.01 (1¢) per barrel ($10.00 per contract).
Maximum Daily Price Fluctuation
$10.00 per barrel ($10,000 per contract) for all months. If any contract is traded, bid, or offered at the limit
for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in
either direction. If another halt were triggered, the market would continue to be expanded by $10.00 per barrel in either
direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one
trading session.
Last Trading Day
Trading terminates at the close of business on the third business day prior to the 25th calendar day of the month
preceding the delivery month. If the 25th calendar day of the month is a non-business day, trading shall cease on the third
business day prior to the business day preceding the 25th calendar day.
Settlement Type
Physical.
Delivery
F.O.B. seller's facility, Cushing, Oklahoma, at any pipeline or storage facility with pipeline access
to TEPPCO, Cushing storage, or Equilon Pipeline Co., by in-tank transfer, in-line transfer, book-out, or inter-facility transfer
(pumpover).
Delivery Period
All deliveries are ratable over the course of the month and must be initiated on or after the first calendar day
and completed by the last calendar day of the delivery month.
Alternate Delivery Procedure (ADP)
An alternate delivery procedure is available to buyers and sellers who have been matched by the Exchange subsequent
to the termination of trading in the spot month contract. If buyer and seller agree to consummate delivery under terms different
from those prescribed in the contract specifications, they may proceed on that basis after submitting a notice of their intention
to the Exchange.
Exchange of Futures for Physicals (EFP)
The commercial buyer or seller may exchange a futures position for a physical position of equal quantity by submitting
a notice to the Exchange. EFPs may be used to either initiate or liquidate a futures position.
Deliverable Grades
Specific
domestic crudes with 0.42% sulfur by weight or less, not less than 37° API gravity nor more than 42° API gravity.
The following domestic crude streams are deliverable: West Texas Intermediate, Low Sweet Mix, New Mexican Sweet, North Texas
Sweet, Oklahoma Sweet, South Texas Sweet.
Specific foreign crudes of not less than 34° API nor more than
42° API. The following foreign streams are deliverable: U.K. Brent, for which the seller shall receive a 30 cent per barrel
discount below the final settlement price; Norwegian Oseberg Blend is delivered at a 55¢–per–barrel discount;
Nigerian Bonny Light, Qua Iboe, and Colombian Cusiana are delivered at 15¢ premiums.
Inspection
Inspection
shall be conducted in accordance with pipeline practices. A buyer or seller may appoint an inspector to inspect the quality
of oil delivered. However, the buyer or seller who requests the inspection will bear its costs and will notify the other party
of the transaction that the inspection will occur.
Position Accountability Levels and Limits
Any one month - 10,000 net futures; all months - 20,000 net futures; but not to exceed 3,000 contracts in the last
three days of trading in the spot month.
Margin Requirements
Margins are required for open futures positions.
Trading Symbol
CL
CLT (TAS Code)
