- Trading Screen Product Name
- LS Gas Oil/Brent Crack
- Trading Screen Hub Name
- ULSD-ARA/North Sea
- Unit of Trading
The minimum crack quantity is 4 lots (made up of 4 LS Gasoil lots
& 3 Brent lots). The LS Gasoil/Brent Futures Crack trades in 4
lot increments. The LS Gasoil (traded in metric tonnes) is
converted into a price in barrels using a conversion factor of
7.45. One lot of LS Gasoil = 100 metric tonnes, 1 lot of ICE Brent
Futures = 1,000 barrels
- Currency
US Dollars and cents
- 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.
- Contract Series
Up to 84 consecutive months forward
- 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.
- Position Limit
Terms are deferred to the contracts referenced by the leg markets.
- Last Trading Day
Trading for the Low Sulphur Gasoil/Brent Futures Crack shall cease
according to the following schedule:
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)
- Final Settlement
Trading the LS Gasoil/Brent Futures Crack will result in two
separate positions in the underlying futures markets for Brent and
Low Sulphur Gasoil. The settlement of each leg will be the
respective expiry of the Brent and Low Sulphur Gasoil futures
contracts as made public by ICE Futures Europe. Upon expiry of the
Brent leg, holders of a LS Gasoil/Brent Futures Crack trade will
then be left with a long or short position in the LS Gasoil market
which will then be settled on expiry of the relevant underlying LS
Gasoil futures contract. The last day on which the front-month LS
Gasoil/Brent crack spread can be traded is the expiry day of the
prompt ICE Brent Crude Futures contract.
LS Gasoil futures contract expiry: Trading shall cease at 12:00
hours London time, 2 business days prior to the 14th calendar day
of the delivery.
LS Gasoil Futures settlement time: The weighted average price of
trades is determined during a two minute settlement period from
16:28 (11:28 EST) to 16:30 (11:30 EST), London time
Brent futures contract expiry:
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
Brent Futures settlement time: The weighted average price of
trades is determined during a two minute settlement period from
19:28:00 (14:28 EST) to 19:30:00, London time (14:30 EST)
- MIC Code
- IFEU
- Clearing Venues
- ICEU