- Trading Screen Product Name
- Brent/WTI Crude Spr
- Trading Screen Hub Name
- North Sea/WTI
- Trading Hours
GMT* Open 01:00 (23.00 on Sundays) Close 23:00.
EST Hours Open 20:00 (18:00 on Sundays) Close: 18:00 the following
day.
CST Hours Open 19:00 (17:00 on Sundays) Close: 17:00 the following
day.
Singapore Hours Open 09:00 (07:00 on Monday mornings) close 07:00
the next day.
*An Exchange Circular will be issued in advance of the UK switch
from GMT to BST and further US switch to and from DST to confirm
the altered market opening and closing times.
- Unit of Trading
1 Lot is 1,000 barrels (42,000 US gallons).
Buying 1 ICE Brent-WTI Futures Spread Lot results in a 1 Lot buy of
WTI and 1 Lot Sell of Brent
- Quotation
The contract price is in US Dollars and cents per barrel
- Minimum Price Fluctuation
One cent ($0.01) per barrel
- Maximum Price Fluctuation
There are no limits
- Clearing
The Clearing House guarantees financial performance of all ICE Futures contracts registered with it by its clearing members. All ICE Futures Member companies are either members of the Clearing House or have a clearing agreement with a Member who is a member of the Clearing House.
- Contract Series
Up to 30 consecutive months forward plus additional June and
December contracts out to the end of the futures curve of the two
underlying contracts (Brent and WTI)
- Position Limit
Terms are deferred to the contracts referenced by the leg markets.
- Last Trading Day
Brent Futures
Contract Months up to and including February 2016:
Trading shall cease at the end of the designated settlement period
on the Business Day (a trading day which is not a public holiday in
England and Wales) immediately preceding either:
(i) the 15th calendar day before the first calendar day of the
contract month, if such 15th calendar day is a Business Day;
or,
(ii) if such 15th calendar day is not a Business Day, the next
preceding Business Day.
Contract Months from March 2016:
Trading shall cease at the end of the designated settlement period
on the last Business Day of the second month preceding the relevant
contract month (e.g. the March contract month will expire on the
last Business Day of January).
If the day on which trading is due to cease would be either: (i)
the Business Day preceding Christmas Day, or (ii) the Business Day
preceding New Year’s Day, then trading shall cease on the
next preceding Business Day
- Settlement
Trading the ICE Brent-WTI Futures Spread will result in two
separate positions in the underlying futures markets for WTI and
Brent. The settlement of each leg will be respective expiry of the
Brent and WTI futures contracts as made public by ICE Futures
Europe and CME (NYMEX). Upon expiry of the Brent leg, holders of a
WTI trade will then be left with a long or short position in the
WTI market which will then be settled on expiry of the relevant
underlying WTI contract.
ICE WTI Futures - trading shall cease at the close of business on
the 4th US business day prior to the 25th calendar day of the month
proceeding the contract month. If the 25th calendar day of the
month is not a US business day the final trading day shall be the
trading day which is the 5th US business day preceding the 25th
calendar day of the month proceeding the contract month. (A US
business day is a day on which NYMEX is open for business)
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 CME/NYMEX for the month of production per 2005 ISDA Commodity
Definitions.
The weighted average price of trades is determined during a two
minute settlement period from 19:28:00 to 19:30:00 London time
(14:28:00 to 14:30:00 EST)
- MIC Code
- IFEU
- Clearing Venues
- ICEU