Naphtha CIF NWE Cargoes vs Brent 1st Line Swap28687700

Description

A monthly cash settled swap based on the difference between the Platts daily assessment price for Naphtha CIF NWE Cargoes and the ICE daily settlement price for Brent 1st Line Future

Market Specifications

Trading Screen Product Name
Naphtha Crack Futures
Trading Screen Hub Name
Naphtha CIF NWE Cg/Brent 1st Line
Rule Number
13108
Commodity Code
NOB
Contract Size
1,000 metric tonnes (8,900 bbls)
Unit of Trading
Any multiple of 1,000 metric tonnes
Currency
US Dollars and cents
Trading Price Quotation
One cent ($0.01) per barrel
Last Trading Day
Last Trading Day of the contract month
Final Settlement
In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the difference between the average of the mean of the high and low quotations appearing in the "Platts European Marketscan" under the heading "Northwest European cargoes" subheading "CIF NWE/Basis ARA" for "Naphtha" and the average of the settlement prices as made public by ICE for the front month Brent 1st Line Swap for each business day (as specified below) in the determination period.
Roll Adjust Provision
In order to use the correct Floating Price quotations, the nearby month quotation for ICE Brent Futures specified in the Floating Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract.
Contract Series
Up to 48 consecutive months, or as otherwise determined by the SEF
Final Payment Date
Five (5) New York Business Days after each settlement date via wire transfer of Federal funds
Business Days
Publication days for Platts European Marketscan
Other Terms
To be confirmed directly between the parties in their full form of contract. The terms reflected in such contracts shall be controlling.
MIC Code
ICES
Clearing Venues
IEPA
Loading...

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

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

Codes

Clearing Admin Name
Cracks mt
Physical
NOB
Logical
NOB
GMI(FC)
A8
R&N A.C.N.
SN18