Fuel Oil Crack - Fuel Oil 3.5% FOB Rotterdam Barges vs Brent 1st Line Future6753283

Description

A monthly cash settled future based on the difference between the Platts daily assessment price for 3.5% FOB Rotterdam Barges Fuel Oil and the ICE daily settlement price for Brent 1st Line Future.

Market Specifications

Trading Screen Product Name
Fuel Oil Crack Futures
Trading Screen Hub Name
3.5% FOB Rdam Bg/Brent 1st Line
Commodity Code
BOB
Contract Size
1,000 metric tonnes (6,350 BBLS)
Unit of Trading
Any multiple of 1,000 metric tonnes
Currency
US Dollars and cents
Trading Price Quotation
One hundredth of one cent ($0.0001) per barrel
Settlement Price Quotation
One hundredth of one cent ($0.0001) per barrel
Minimum Price Fluctuation
One hundredth of one cent ($0.0001) per barrel
Last Trading Day
Last Trading Day of the contract month
Floating Price
In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
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 Europe barges" subheading "FOB Rotterdam" for "Fuel Oil 3.5%" and the average of the settlement prices as made public by ICE for the front month Brent 1st Line Swap Future for each Business Day in the determination period. Conversion factor: 1 metric tonne = 6.35 barrels.
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 60 consecutive months
Final Payment Date
Two Clearing House Business Days following the Last Trading Day
Business Days
Publication days for Platts European Marketscan
MIC Code
IFEU
Clearing Venues
ICEU
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Trading Hours

CityTradingPre-Open
New York7:50 PM - 6:05 PM
19:50 - 18:05
7:40 PM
19:40
London12:50 AM - 11:05 PM
00:50 - 23:05
12:40 AM
00:40
Singapore8:50 AM - 7:05 AM
08:50 - 07:05
8:40 AM
08:40
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Sunday Pre-Open 5:40 PM ET; Closed on Saturday

Codes

Clearing Admin Name
Cracks mt
Physical
BOB
Logical
BOB
GMI(FC)
PA
R&N A.C.N.
NM84