Propane, OPIS Mt. Belvieu TET vs Propane, Argus CIF ARA Future61989100

Description

A monthly cash settled future based upon the mathematical result of subtracting the average of the daily prices published by Argus International LPG for the location specified in Reference Price B from the average of the daily prices published by OPIS for the location specified in Reference Price A.

For purposes of determining the Floating Price, the OPIS price will be converted each day to US dollars and cents per metric tonne, rounded to the nearest cent. The conversion factor will be 521 gallons per metric tonne.

Market Specifications

Trading Screen Product Name
Propane OPIS/Argus Diff Futures
Trading Screen Hub Name
MT.B-LST/CIF ARA
Commodity Code
CEK
Settlement Method
Cash settlement
Contract Size
1,000 metric tonnes
Currency
US Dollars and cents
Minimum Price Fluctuation
One tenth of one cent ($0.001) per metric tonne
Listing Cycle
Up to 72 consecutive monthly Contract Periods
Last Trading Day
Last Trading Day of the contract month
Final Settlement
Average of the Reference Price A prices minus Average of the Reference Price B prices
REFERENCE PRICE A
NGL-MONT BELVIEU PROPANE (NON-TET)-OPIS
a) Ref Price A - Description
"NGL-MONT BELVIEU PROPANE (NON-TET)-OPIS" means that the price for a Pricing Date will be that day's Specified Price per gallon of propane for delivery on the Delivery Date, stated in US cents, published under the heading "Mont Belvieu Spot Gas Liquids Prices: Non-TET Propane: Any Current Month" in the issue of OPIS that reports prices effective on that Pricing Date.
b) Ref Price A - Pricing Date
Each day that prices are reported for the Delivery Date
c) Ref Price A - Specified Price
Price
d) Ref Price A - Pricing calendar
OPIS
e) Ref Price A - Delivery Date
Contract month
REFERENCE PRICE B
NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG
a) Description
"NGL-PROPANE (EUROPE: CIF ARA LARGE CARGOES)-ARGUS INTERNATIONAL LPG" means that the price for a Pricing Date will be that day's Specified Price per tonne of propane for delivery on the Delivery Date, stated in US Dollars, published under the heading "Northwest Europe and Mediterranean: cif ARA (large cargoes): Propane" in the issue of Argus International LPG that reports prices effective on that Pricing Date.
b) Pricing Date
Each day that prices are reported for the Delivery Date
c) Specified Price
Price
d) Pricing Calendar
Argus International LPG
e) Delivery Date
Contract month
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
MIC Code
IFEU
Clearing Venues
ICEU
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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
Singapore8:50 AM - 7:00 AM*
08:50 - 07:00
8:40 AM
08:40

*Next Day

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

Codes

Clearing Admin Name
NGL Master
Physical
CEK
Logical
CEK
GMI(FC)
R&N A.C.N.