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.

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

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.