- 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
- Contract Symbol
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.
Members should be aware that Magellan may charge additional fees,
including but not limited to a product transfer order fee on title
transfers of physical barrels at the Magellan East Houston
terminal. Any such fees are a matter between Members and Magellan
and therefore do not form part of this Contract.
- Contract Series
Up to 96 consecutive months
- Disclaimer
“Magellan” and “Magellan East Houston” are
trademarks of Magellan Crude Oil Pipeline Company, L.P.
(“Magellan”) and have been licensed for use by IFEU and
its Affiliates. Magellan and ICE do not guarantee the accuracy or
completeness of data associated with the applicable Permian West
Texas Intermediate (WTI) Crude Oil Future contract. ICE, its
Affiliates and Magellan and its Affiliates make no warranties,
express or implied, as to the results to be obtained by any person
or entity from any use of the applicable Permian West Texas
Intermediate (WTI) Crude Oil Future contract including from trading
based on the applicable Permian West Texas Intermediate (WTI) Crude
Oil Future contract or data associated with the applicable Permian
West Texas Intermediate (WTI) Crude Oil Future contract. ICE, its
Affiliates and Magellan and its Affiliates make no warranties,
express or implied, and hereby disclaim all warranties of
merchantability or fitness for a particular purpose or use with
respect to the applicable Permian West Texas Intermediate (WTI)
Crude Oil Future contract or any data generated therefrom or used
to derive valuations for the applicable Permian West Texas
Intermediate (WTI) Crude Oil Future contract. Without limiting any
of the foregoing, in no event shall ICE, its Affiliates or Magellan
and its Affiliates have any liability for any lost profits or
indirect, punitive, special or consequential damages (including
lost profits), even if notified of the possibility of such damage.
- Business Days
US business days.
- MIC Code
- IFEU
- Clearing Venues
- ICEU