- Trading Screen Product Name
- LS Gas Oil/Midland WTI Crack
- Trading Hours
GMT* Open 01:00 (23.00 on Sundays) Close 23:00
EST Hours* Open 20:00 (18:00 on Sundays) Close:18:00 the following
day
CST Hours* Open19:00 (17:00 on Sundays) Close:17:00 the following
day
Singapore Hours Open 09:00 (07:00 on Mondays) Close: 07:00 the
following day
*An Exchange Circular will be issued in advance of the UK switch
from GMT to BST and a further US switch to and from DST to confirm
the altered market opening and closing times.
- Unit of Trading
The minimum crack quantity is 4 lots (made up of 4 Low Sulphur
Gasoil lots & 3 Permian WTI lots). The Low Sulphur
Gasoil/Permian WTI Futures Crack trades in 4 lot increments. The
Low Sulphur Gasoil (traded in metric tonnes) is converted into a
price in barrels using a conversion factor of 7.45. One lot of Low
Sulphur Gasoil = 100 metric tonnes, 1 lot of ICE Permian WTI
Futures = 1,000 barrels.
- Quotation
The contract price is in US Dollars and cents per US barrel.
- Minimum Price Fluctuation
One cent ($0.01) per barrel.
- Maximum Price Fluctuation
There are no limits.
- Clearing
The Clearing House guarantees financial performance of all ICE
Futures contracts registered with it by its clearing members. All
ICE Futures Member companies are either members of the Clearing
House or have a clearing agreement with a Member who is a member of
the Clearing House.
- Contract Series
Up to 84 consecutive months.
- Last Trading Day
The last trading day for the ICE Low Sulphur Gasoil/Permian WTI
Futures Crack spread is determined by when the expiry date is for
ICE Permian WTI Futures.
- Settlement
Trading the ICE Low Sulphur Gasoil/Permian WTI Futures Crack spread
will result in two separate positions in the underlying futures
markets for ICE Permian WTI and ICE Low Sulphur Gasoil. The
settlement of each leg will be the respective expiry of the ICE
Permian WTI and ICE Low Sulphur Gasoil Futures contracts as made
public by ICE Futures Europe. Upon expiry of the Permian WTI
Futures leg (which is physically delivered), holders of the ICE Low
Sulphur Gasoil/Permian WTI Futures Crack spread trade will then be
left with a long or short position in the ICE Low Sulphur Gasoil
market which will then be settled on expiry of the relevant
underlying Ice Low Sulphur Gasoil Futures contract.
- MIC Code
- IFEU
- Clearing Venues
- ICEU