Transaction month: 36, 48, 60, 72 and 84 months before delivery are initially listed. In addition, the transaction can be executed with the average price difference of a transaction, which is within a continuous period of two to thirty months from the settlement price of the previous day. These calendar sticks are executed during open outcry trading hours. Option: continuous 12 months, plus three long-term options with terms of 6 months/12 months, 18 months, 24 months and 36 months. A transaction can be executed at the average price difference from the previous day's settlement price for two to thirty months. These calendar sticks are executed during open outcry trading hours. Option: continuous 12 months, plus three long-term options with terms of 6 months/12 months, 18 months, 24 months and 36 months. A transaction can be executed at the average price difference from the previous day's settlement price for two to thirty months. These calendar sticks are executed during open outcry trading hours. Option: continuous 12 months, plus three long-term options with terms of 6 months/12 months, 18 months, 24 months and 36 months.
quote
Crude oil futures are quoted in dollars and cents per barrel.
Lowest price fluctuation: 0.0 1 USD/barrel (1 cent) (1USD/contract).
Maximum daily price fluctuation
Futures: Except for the first two months, the initial limit of a barrel is $3.00. If the settlement price of the previous trading day is $3.00, it will rise to $6.00 per barrel. If any position rises to $7.50/barrel in the first two contract months, the limit for all months will be changed from the moving direction limit one hour after the transaction stops to $7.50/barrel.
Option: No price limit.
last trading day
Crude oil futures: the transaction ends on the third working day before the 25th calendar day of the month before the delivery month. If the 25th calendar day of the current month is a non-business day, the transaction will stop on the third business day before the last business day before the 25th calendar day.
Option: the transaction ends three working days before the basic futures contract.
Delivered to any pipeline or storage facility in Cushing, Oklahoma by in-tank transshipment, online transshipment, outbound transportation or inter-facility transshipment.
FOB seller's facilities can enter TEPPCO, Cushing storage equipment or Equilon pipeline company through pipelines. (pumped)
delivery date
All deliveries are made in the current month and must start on or after the first calendar day and be completed on the last calendar day of the delivery month.
Alternative delivery procedure (ADP)
Alternative delivery procedures are applicable to buyers and sellers who match the exchange after the spot monthly contract transaction. If the buyer and the seller agree to complete the delivery according to the terms stipulated in the contract, they may make the delivery according to the terms after submitting the notice of intention to the exchange.
Futures trading or physical trading (EFP)
A commercial buyer or seller may exchange future positions into equivalent physical positions by submitting a notice to this Exchange. EFP can be used to start or liquidate future positions.
Deliverable grade
The sulfur content of specific domestic crude oil is below 0.42%, the API gravity is not less than 37, and the API gravity is not less than 42. Domestic crude oil that can be delivered includes: West Texas Intermediate, Low Sweet Blend, New Mexico Sweet, North Texas Sweet, Oklahoma Sweet and South Texas Sweet.
The API of specific foreign crude oil shall not be lower than 34, and the API shall not exceed 42. There are the following kinds of foreign goods that can be delivered: in the 1940s, British Brent and Norwegian Oseberg Blend, the seller's final settlement price per barrel was less than 30 minutes; Bonny Light in Nigeria and Cusiana in Colombia paid a premium of 15 cents; Qua Iboe, Nigeria, delivered at a premium of 5 cents.
cheque
Inspection shall be carried out in accordance with pipeline practice. The buyer or seller may appoint an inspector to check the quality of the delivered oil. However, the buyer or seller who requests the inspection will bear its expenses and will inform the other party that the inspection will be carried out.
Position restriction
Any month/all months: the futures net is 20000, but the last three days of the spot month do not exceed 1000 points.
Margin requirements Open futures or short option positions require margin.
. Option buyers' margin requirements will never exceed the premium.
Event code
Futures: CL
Option: LO
Source: NYMEX official website.