- Trading Screen Product Name
- Propane OPIS Futures
- Trading Screen Hub Name
- Commodity Code
- Settlement Method
Exercise into Underlying Futures Contract
- Contract Size
- Minimum Price Fluctuation
The price quotation convention shall be One thousandth of a cent ($0.00001) per gallon; minimum price fluctuation may vary by trade type. Please see Table in Resolution 1 to this Chapter 18. The conversion factor for this contract is 42 gallons = 1 barrel.
- Contract Series
Up to 72 consecutive monthly Contract Periods
- Last Trading Day
Last trading day of the contract month
- Option Style
- Exercise Method
- Exercise Procedure
Manual exercise or abandon is not permitted
- Exercise Day
The Second Business Day following the Last Trading Day
- Automatic Exercise Provisions
Options which are "in the money", with respect to the average of the Reference Price A prices, exercise automatically into the Underlying Futures Contract with a contract price equal to the Strike Price.
Options which are "out of the money" expire automatically.
- REFERENCE PRICE A
NGL-MONT BELVIEU PROPANE (TET)-OPIS
- a) Ref Price A - Description
"NGL-MONT BELVIEU PROPANE (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 U.S. cents, published under the heading "Mont Belvieu Spot Gas Liquids Prices: 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
- d) Ref Price A - Pricing calendar
- e) Ref Price A - Delivery Date
- Strike Price Listing Provisions
A minimum of a ten Strike Prices in increments of $0.10 per
gallon 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 a $0.0001
- MIC Code
- Clearing Venues