ICE Futures Europe

Permian WTI Storage Future

Permian WTI Storage Future71090497

Description

A physically settled Permian WTI crude oil storage futures contract for the right to store Permian WTI crude oil in the Magellan East Houston terminal system. This is a designated capacity allocation contract (CAC) which shall be used for delivery on the Exchange for the legal right to use designated MEH Storage capacity (as defined in the Magellan Midstream Partners, L.P terms and conditions, hereafter “Terms and Conditions” ) for a specified calendar month

Market Specifications

Trading Screen Product Name
Permian WTI Storage Futures
Trading Screen Hub Name
Permian WTI Storage
Product
Permian WTI storage capacity, as defined in the exchange and clearinghouse rules
Commodity Code
HOS
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 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 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/futures/Position_And_Expiry_Limit_Table.pdf
Final Settlement
The final settlement price shall be the settlement price established by the Exchange on the Last Trading Day of the expiring delivery month and shall be the basis for delivery.
Delivery Date
(A) The seller shall provide to the buyer a CAC which is free of all liens, fees, and other expenses other than buyer’s obligations under the CAC.

(B) The buyer shall be bound by the terms of the CAC and will be obligated to make an upfront payment of the storage fees attributed to the CAC on the CAC Delivery Date, in accordance with exchange and clearinghouse rules and delivery procedures.

(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.
Delivery Methods
The seller shall provide to the buyer the CAC on or before 12:00 PM EST on the third business day after the last trading day (the “CAC Delivery Date”). The CAC will provide the right to store crude oil for one calendar month.
Delivery under the futures contract will be complete under the exchange and clearinghouse rules, and the transfer of all rights to use MEH storage capacity under a CAC shall be passed to buyer, upon
(i) buyer’s execution and delivery of the CAC in accordance with Magellan procedures and

(ii) payment of the upfront storage fees attributed to the CAC.
Contract Series
Up to 24 consecutive months
Final Payment Date
Buyer (or its clearing member) will be required by exchange and/or clearinghouse rules and delivery procedures to pay the full upfront amount of storage fees due under the CAC on the CAC Delivery Date by 3:00 PM EST.
Business Days
As determined by the Exchange
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 Storage 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 Storage Future contract including from trading based on the applicable Permian West Texas Intermediate (WTI) Crude Oil Storage Future contract or data associated with the applicable Permian West Texas Intermediate (WTI) Crude Oil Storage 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 Storage Future contract or any data generated therefrom or used to derive valuations for the applicable Permian West Texas Intermediate (WTI) Crude Oil Storage 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.
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
Singapore8:00 AM - 6:00 AM*
08:00 - 06:00
7:55 AM
07:55

*Next Day

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

Codes

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