ICE Futures U.S.

Crude Diff - Argus Bakken (Clearbrook) Crude Oil Future

Crude Diff - Argus Bakken (Clearbrook) Crude Oil Future28659496

Description

A monthly cash settled future based on the Argus daily assessment price for the Bakken basis Clearbrook. The Argus Bakken (Clearbrook) Crude Oil Future is expressed as a differential to the WTI 1st Line Swap Future (Calendar Month Average)

Market Specifications

Trading Screen Product Name
Crude Diff Futures
Trading Screen Hub Name
Argus Bakken (Clearbrook)
Commodity Code
BAK
Contract Size
1,000 barrels
Unit of Trading
Any multiple of 1,000 barrels
Currency
US Dollars and cents
Trading Price Quotation
One cent ($0.01) per barrel
Settlement Price Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Trading shall cease one Canadian business day prior to the Notice of Shipments (NOS) date on the Enbridge Pipeline. The NOS date occurs on or about the 20th calendar day of the month, subject to confirmation by Enbridge Pipeline. The official schedule for the NOS dates will be made publicly available by Enbridge Pipeline prior to the start of each year
Floating Price
In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
Final Settlement
In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the average of the high and low quotations appearing in the "Argus Crude" report under the heading " US Gulf coast and midcontinent pipeline", subheading “Diff low” and “Diff high” for "Bakken", basis “CMA Nym” for each business day (as specified below) in the determination period
Contract Series
Up to 60 consecutive months
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
Business Days
Publication days for Argus Crude
MIC Code
IFED
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:00 PM*
19:50 - 18:00
7:40 PM
19:40
London12:50 AM - 11:00 PM*
00:50 - 23:00
12:40 AM
00:40
Singapore7:50 AM - 6:00 AM*
07:50 - 06:00
7:40 AM
07:40

*Next Day

Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes

Clearing Admin Name
Am Crude Diffs
Physical
BAK
Logical
BAK
GMI(FC)
R&N A.C.N.