ICE Futures Europe

Permian West Texas Intermediate (WTI) Crude Oil Future

Permian West Texas Intermediate (WTI) Crude Oil Future69088330

Description

A physically settled Permian West Texas Intermediate (WTI) Crude Oil future that will be deliverable into the Magellan East Houston terminal.

Market Specifications

Trading Screen Product Name
Permian WTI Futures
Trading Screen Hub Name
Permian WTI
Product
Permian WTI, as defined in the Exchange and Clearing House rules
Commodity Code
HOU
Contract Size
1,000 barrels
Unit of Trading
Any multiple of 1,000 barrels
Currency
US Dollars and cents
Trading Price Quotation
One cent ($0.01) per barrel
Settlement Price Quotation
One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation
One tenth of one cent ($0.001) per barrel
Last Trading Day
Trading in the current delivery month shall cease at the end of the designated settlement period on the third Business Day prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth calendar day of the month is a Non-Business Day, trading shall cease at the end of the designated settlement period on the third Business Day prior to the last Business Day preceding the twenty-fifth calendar day.
Position Limit
The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth in the Position and Expiry Limit Table.
https://www.theice.com/publicdocs/Position_and_Expiry_Limit_and_Accountability_Levels.xls
Final Settlement
The final settlement price as determined on the Last Trading Day of the expiring contract month shall be the basis for delivery.
Delivery Date
(A) Delivery shall take place no earlier than the first calendar day of the delivery month and shall be completed no later than the last calendar day of the delivery month.

(B) It is the Seller's obligation to ensure that its crude oil receipts are available to begin flowing ratably in Magellan East Houston terminal by the first day of the delivery month, in accordance with applicable tariffs Magellan has on file with the Texas Railroad Commission or Federal Energy Regulatory Commission.
Delivery Methods
(A) Delivery shall be made at the Magellan East Houston terminal, and shall be made in accordance with all applicable Federal executive orders and all applicable Federal, State and local laws and regulations.

(B) Delivery is to be made by Product Transfer Order (“PTO”) for in-line (or in-system) transfer or in-tank transfer of title to the Buyer.

(C) Buyer and Seller’s ability to make or take delivery is subject to a Magellan System Services Agreement, Software Terms of Use, or other documentation governing such delivery process.
Contract Series
Up to 96 consecutive months
Disclaimer
Subject to satisfactory conclusion of applicable regulatory processes and approval.
Business Days
US business days.
MIC Code
IFEU
Clearing Venues
ICEU

Trading Hours

CityTradingPre-Open
New York8:00 PM - 6:00 PM*
20:00 - 18:00
7:55 PM
19:55
London1:00 AM - 11:00 PM*
01:00 - 23:00
12:55 AM
00:55
Singapore9:00 AM - 7:00 AM*
09:00 - 07:00
8:55 AM
08:55

*Next Day

London: Sunday Pre-Open 10:55 PM; Sunday Open 11:00 PM

Codes

Clearing Admin Name
Permian WTI
Physical
HOU
Logical
HOU
GMI(FC)
R&N A.C.N.