- Trading Screen Product Name
- Heating Oil/Brent Crack
- Trading Screen Hub Name
- NYH/North Sea
- Trading Hours
GMT Hours* - 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 Mondays),
Close: 07:00 the following day.
*An Exchange Circular will be issued in advance of the UK
switch from GMT to BST and a further US switch to and from DST to
confirm the altered market opening and closing times
- Contract Size
1,000 barrels (42,000 gallons)
- Quotation
The contract price is in US Dollars and cents per barrel
- Trading Price Quotation
One cent ($0.01) per barrel
- Settlement Price Quotation
One cent ($0.01) 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
44 consecutive months
- Position Limit
The Exchange may impose position accountability levels or limits on
positions in this contract at its discretion as provided in Rules
P3 and P8 respectively.
Current position accountability levels: In any one month: 5,000
net futures. All months: 7,000 net futures.
Current position limits: 1,000 lots during the last 3 trading days
of the expiring month.
Exemptions from position limits may be granted at Exchange
discretion for bona fide hedge positions
- Last Trading Day
The last trading day for the Heating Oil/Brent Crack Spread is
determined by when the expiry date is for Brent Crude Futures.
For ICE Brent Crude 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
Heating Oil Futures expiry: Trading shall cease at the end of the
designated settlement period on the penultimate US business day of
the month preceding the delivery month where a US business day is a
day on which NYMEX is opened for business
- Settlement
Trading the ICE Heating Oil/Brent Crack Spread will result in two
separate positions in the underlying futures markets for ICE Brent
and ICE Heating Oil. The settlement of each leg will be the
respective settlement prices for both the ICE Brent and ICE Heating
Oil Futures contracts as made public by ICE Futures Europe. Upon
expiry of the ICE Brent Futures leg, holders of the Heating Oil
crack trade will then be left with a long or short position in the
Heating Oil market which will be settled on expiry of the relevant
underlying Heating Oil Futures contract.
ICE Heating Oil Futures settlement: The contract is cash settled
against the prevailing market price for Heating Oil in New York
Harbor.
The cash settlement price in US Dollars and cents per Gallon is
equal to the penultimate settlement price for New York Harbor ULSD
Heating Oil Futures Contract as made public by NYMEX for the month
of production as specified within the relevant Contract Rules by
reference to the 2005 ISDA Commodity Definitions.
ICE Brent Futures settlement: The Brent Crude Future is a
cash-settled contract. The ICE Brent Crude Futures contract is a
deliverable contract based on EFP delivery with an option to cash
settle, i.e the ICE Brent Index price for the day following the
last trading day of the futures contract
The ICE Brent Crude futures contract is a deliverable contract
based on EFP delivery with an option to cash settle against the ICE
Brent Index price for the last trading day of the futures contract.
The Exchange shall publish a cash settlement price (the ICE Brent
Index price) on the next trading day following the last trading day
for the contract month.
- Final Payment Date
One Business Day following the Last Trading Day.
- Business Days
ICE Business Days
- MIC Code
- IFEU
- Clearing Venues
- ICEU