Description

The ICE West Texas Intermediate (WTI) Light Sweet Crude Oil Futures Contract offers participants the opportunity to trade one of the world's most liquid oil commodities in an electronic marketplace. The contract not only brings the benefits of electronic trading a US light sweetcrude maker, but also brings together the world's three most significant oil benchmarks on a single exchange: Brent, Middle East Sour Crude and WTI. This offers a reduction in collateral requirements through the offsetting of margins.

Market Specifications

Trading Screen Product Name

WTI Crude Futures

Trading Screen Hub Name

WTI

Contract Symbol

T

Trading Hours

Open time for Monday morning/Sunday evening is:
23:00 London (local time)
18:00 New York
17:00 Chicago.

Contract Size

1,000 barrels

Units of Trading

Any multiple of 1,000 barrels

Currency

US Dollars and cents

Trading Price

One cent ($0.01) per barrel

Settlement Price

One cent ($0.01) per barrel

Minimum Price Flux

One cent ($0.01) per barrel

Clearing

ICE Clear Europe guarantees financial performance of all ICE Futures Europe contracts registered with it by its clearing Members. All ICE Futures Europe Member companies are either members of ICE Clear Europe, or have a clearing agreement with a Member who is a member of ICE Clear Europe.

Contract Listing

Up to 108 consecutive months

Position Limits

The Exchange may impose position accountability levels or limits on positions in this contract at its discretion as provided in Rules P8 and P3 respectively.

Current position accountability levels: In any one month: 10,000 net futures, all months: 20,000 net futures.

Current position limits: 3,000 contracts in the last three trading days in the spot month inclusive of futures-equivalent position in WTI Options.

Exemptions from position limits may be granted at Exchange discretion for bona fide hedge positions.

Last Trading Day

Trading shall cease at the end of the designated settlement period on the 4th US business day prior to the 25th calendar day of the month preceding the contract month. If the 25th calendar day of the month is not a US business day the Final Trade Day shall be the Trading Day which is the fourth US business day prior to the last US business day preceding the 25th calendar day of the month preceding the contract month.

Settlement

The West Texas Intermediate Light Sweet Crude Oil futures contract is cash settled against the prevailing market price for US light sweet crude. It is a price in USD per barrel equal to the penultimate settlement price for WTI crude futures as made public by NYMEX for the month of production per 2005 ISDA Commodity Definitions.

Business Days

ICE Business Days

Linked Future

Yes

MIC Code

IFEU

Clearing Venues

ICEU