- Trading Screen Product Name
- Midland/Brent Futures Spr
- Trading Screen Hub Name
- Midland WTI/North Sea
- 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 Permian WTI-Brent Futures Spread Lot results in a 1
Lot buy of Permian 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 (Permian and Brent)
- Position Limit
Terms are deferred to the contracts referenced by the leg markets.
- Last Trading Day
ICE Permian WTI Futures
Trading in the current delivery month shall cease at the end of the
designated settlement period on the third Business Day prior to the
twenty-fifth calendar day of the month preceding the delivery
month. If the twenty-fifth calendar day of the month is a
Non-Business Day, trading shall cease at the end of the designated
settlement period on the third Business Day prior to the last
Business Day preceding the twenty-fifth calendar day.
Brent Futures
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 Permian WTI-Brent Futures Spread will result in two
separate positions in the underlying futures markets for Permian
WTI and Brent. The settlement of each leg will be respective expiry
of the Permian WTI and WTI futures contracts as made public by ICE
Futures Europe.
- MIC Code
- IFEU
- Clearing Venues
- ICEU