Trading Unit
42,000 U.S. gallons (1,000 barrels).
Price Quotation
U.S. dollars and cents per gallon.
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
36 consecutive months.
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
$0.0001
(0.01¢) per gallon ($4.20 per contract).
Maximum
Daily Price Fluctuation
$0.25
per gallon ($10,500 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 $0.25 per gallon in either direction. If
another halt were triggered, the market would continue to be expanded by $0.25 per gallon 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 last business day of the month preceding the delivery month.
Settlement Type
Physical.
Delivery
F.O.B. seller's facility
in New York harbor, ex-shore. All duties, entitlements, taxes, fees, and other charges paid. Requirements for seller's
shore facility: capability to deliver into barges. Buyer may request delivery by truck, if available at the seller's facility,
and pays a surcharge for truck delivery. Delivery may also be completed by pipeline, tanker, book transfer, or inter- or intra-facility
transfer. Delivery must be made in accordance with applicable federal, state, and local licensing and tax laws. Complete delivery
rules and provisions are detailed in Chapter 150 of the Exchange Rulebook.
Delivery
Period
Deliveries
may only be initiated the day after the fifth business day and must be completed before the last business 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.
Grade
and Quality Specifications
Generally
conforms to industry standards for fungible No. 2 heating oil.
Inspection
The buyer may request an inspection for grade and quality or quantity for all
deliveries, but shall require a quantity inspection for a barge, tanker, or inter-facility transfer. If the buyer does not
request a quantity inspection, the seller may request such inspection. The cost of the quantity inspection is shared equally
by the buyer and seller. If the product meets grade and quality specifications, the cost of the quality inspection is shared
jointly by the buyer and seller. If the product fails inspection, the cost is borne by the seller.
Position
Accountability Levels and Limits
7,000
contracts for all months combined, but not to exceed 1,000 in the last three days of trading in the spot month.
Margin
Requirements
Margins are required for open futures positions.
Trading Symbol
HO
HOT (TAS Code)
