Symbol: CL
Description: Light, sweet crude oil futures contract
Exchange: New York Mercantile Exchange (NYMEX)
Trading Specifications
Trade Unit-1,000 barrels
Trading Hours- open outrcry trading: from 10:00 EST/ 15:00 GMT.
Open outrcry trading: until 14:30 EST/19:30 GMT.
Electronic trading (NYMEX access)- 15:15 EST/19:45 GMT Monday through Thursday ends at 9:30 EST, or 1430 GMT the following day.
Trading Months- The present year and the next five years. A new year is going to be added after trading terminates in December contract of the current year.
Margin Requirements
Non-Member Customer Initial-4,050 or (135%)
Member Customer Initial-3,300 or (110%)
Clearing Member and Customer Maintenance 3,000
Daily Price Fluctuation Limits
Min - 1 cent per barrel, or $10 per contract
Max - $10.00 per barrel, for all months. If contract offered at limit for 5 minutes, trading halts for 5 minutes. The limit is then expanded by $10.00 a barrel in either direction. There are no maximum fluctuation limits for any one trading session
Last Trading Day
Trading terminates on the third business day prior to the 25th of the month before the delivery month.
Settlement Type
Physical
Delivery
Delivery point is Cushing, Oklahoma, also accessible to the international spot market via pipelines. The contract provides for delivery of several domestically and internationally traded foreign crudes.
F.O.B seller’s facility, Cushing, Oklahoma, at any pipeline or storage facility with pipeline access to TEPPCO, Cushing storage, or Equilon Pipeline Co., by in-tank transfer, in-line transfer, book-out, or inter-facility transfer.
Alternate Delivery Procedure (ADP)
Delivery Period
All deliveries must be initiated on or after the first day of the month and completed by last day of the delivery month
Deliverable Grades
Domestic-West Texas Intermediate, Low Sweet Mix, New Mexican Sweet, North Texas Sweet, Oklahoma Sweet, South Texas Sweet.
Foreign-U.K. Brent and Forties, for which the seller shall receive a 30 cent per barrel discount below the final settlement price; Norwegian Oseberg Blend is delivered at a 55¢-per-barrel discount; Nigerian Bonny Light, Qua Iboe, and Colombian Cusiana are delivered at 15¢ premiums.
Cycle of futures trading
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