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WTI CRUDE OIL
NYMEX WTI Crude Oil
CONTRACT SPECIFICATION
| Trading Screen Product Name | NYMEX WTI Crude Oil | |
| Commodity Code | CLE | |
| Contract Size | 1,000 barrels / lot | |
| Price Quotation | USD / barrel | |
| Trading Hours | Monday - Friday 06:00 A.M - 05:00 A.M (the next day) |
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| Minimum Price Fluctuation | 0.01 USD / barrel | |
| Contract Series | Monthly contracts listed for the current year and the next 10 calendar years and 2 additional contract months. List monthly contracts for a new calendar year and 2 additional contract months following the termination of trading in the December contract of the current year. | |
| Delivery Registration Day | As MXV required | |
| First Notice Day | 3 business day prior to the 25th calendar day of the month prior to the contract month. If the 25th calendar day is not a business day, trading terminates 4 business days prior to the 25th calendar day of the month prior to the contract month. | |
| Last Trading Day | As MXV required | |
| Margin | As MXV required | |
| Position Limit | As MXV required | |
| Price Limit |
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| Settlement Method | Not deliverable | |
| Quality Standards | Standards are detailed below |
QUALITY STANDARDS
In accordance with the regulations of WTI Crude Oil traded on New York Mercantile Exchange (NYMEX).
Product infomation
WTI crude oil, also known as “Texas sweet, light crude,” is mined and produced in the United States – mainly in the states of Texas, North Dakota and Louisiana. It is then transported through pipelines to the US Midwest and the Gulf of Mexico for refining. The point of delivery and payment for WTI oil is in Cushing, Oklahoma.
With a distribution system consisting of 24 pipelines and 15 storage terminals, the Cushing distribution center has a storage capacity of up to 90 million barrels of oil and 13 US oil reserves. Cushing Distribution Center Called "The World's Pipe Crossroads"
WTI crude oil is very light and sweet due to its low sulfur content (0.24%) and low concentration. WTI crude oil is very suitable for gasoline production.
Due to the low sulfur content of the oil, WTI crude is easy to refine, yet the cost to still ship it globally is relatively high.
With a distribution system consisting of 24 pipelines and 15 storage terminals, the Cushing distribution center has a storage capacity of up to 90 million barrels of oil and 13 US oil reserves. Cushing Distribution Center Called "The World's Pipe Crossroads"
WTI crude oil is very light and sweet due to its low sulfur content (0.24%) and low concentration. WTI crude oil is very suitable for gasoline production.
Due to the low sulfur content of the oil, WTI crude is easy to refine, yet the cost to still ship it globally is relatively high.
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