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Crude Diff - ICE WCS 1a Index Average Price Options65898903
ICE Futures U.S.

Crude Diff - ICE WCS 1a Index Average Price Options



The ICE WCS 1a Index Average Price Option is based on the underlying ICE WCS 1a Index Future and will automatically exercise into the ICE WCS 1a Future on the day of expiry of the options contract.

Market Specifications

Trading Screen Product Name
Crude Futures
Trading Screen Hub Name
ICE WCS 1a Index
Contract Symbol
Contract Size
1,000 barrels
Unit of Trading
Any multiple of 1,000 barrels
US Dollars and cents
Trading Price Quotation
One cent ($0.01) per barrel
Settlement Price
One hundredth of one cent ($0.0001) per barrel
Minimum Price Fluctuation
One hundredth of one cent ($0.0001) 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.
Option Style
Options are average priced and will be automatically exercised into the ICE WCS 1a Future on the expiry day if they are "in the money". The Futures Contract resulting from exercise immediately goes to cash settlement. If an Option is "out of the money" it will expire automatically. It is not permitted to exercise the Option on any other day or in any other circumstances than the Last Trading Day. No manual exercise is permitted.
Option Premium / Daily Margin
The ICE WCS 1a Index Average Price Option is a premium-paid-upfront option. The traded premium will therefore be debited by the Clearing House from the Buyer and credited to the Seller on the morning of the Business Day following the day of trade. Members who are long premium-paid-upfront options will receive a Net Liquidating Value (NLV) credit to the value of the premium which is then used to offset the initial margin requirement flowing from both these options and positions in other energy contracts. Members who are short premium-paid-upfront options will receive an NLV debit in addition to their initial margin requirement. NLV is calculated daily with reference to the settlement price of the option.
14:30 EPT (19:30 London Time).

Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or more “in the money” with reference to the relevant reference price.

Clearing Members cannot override automatic exercise settings or manually enter exercise instructions for this contract. The reference price will be a price in USD and cents per barrel based on the ICE WCS 1a Index, as published by ICE-NGX for the contract month
Strike Price Intervals
A minimum of 20 Strike Prices in increments of $0.01 per bbl above and below the at-the-money Strike Price. Strike Price boundaries are adjusted according to futures price movements. User-defined Strike Prices are allowed in $0.01 increments.
Contract Series
Up to 60 consecutive months
Final Settlement
A price in USD and cents per barrel based on the ICE WCS 1a Index, as published by ICE-NGX. The index pricing period begins on the first Canadian business day of the calendar month prior to the contract month and ends on the Canadian business day prior to the NOS date (as published by Enbridge) in the same calendar month
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
Business Days
Publication days for ICE-NGX Crude Oil Markets
MIC Code
Clearing Venues


Clearing Admin Name
O-Am Crude Diffs
Symbol Code