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| Trading Unit |
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| 1,000 U.S. barrels. |
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| Price Quotation |
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| U.S. dollars and cents per barrel |
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| Trading Hours (All times are New York time) |
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| Electronic trading is conducted from 6:00 PM until 5:15 PM via the CME Globex® trading platform, Sunday through Friday. There is a 45-minute break each day between 5:15PM (current trade date) and 6:00 PM (next trade date). Off-Exchange transactions can be submitted solely for clearing to the NYMEX ClearPort® clearing website during the same hours. |
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| Trading Months |
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| The current year and the next five years. A new calendar year will be added following the termination of trading in the December contract of the current year. |
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| Minimum Price Fluctuation |
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| $0.01 (1¢) per barrel ($10.00 per contract). |
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| Last Trading Day |
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| Trading terminates at the close of business on the third business day before the fifteenth calendar day prior to the first day of the delivery month. |
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| Settlement Type |
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| Physical |
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| Delivery |
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Free On Board (FOB) at the port of Primorsk, Russia, located on the Baltic Sea.
Complete delivery rules and provisions are detailed in Chapter 206 of the Exchange Rulebook. |
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| Exchange of Futures for Physicals (EFP) or Swaps (EFS) |
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| A commercial participant may execute an exchange of futures for physical (EFP) or an exchange of futures for swaps (EFS) by entering these transactions into the NYMEX ClearPort® system. EFPs or EFS' may be used to either initiate or liquidate a futures position. |
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| Trading at Settlement (TAS) |
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| Trading at settlement is available for the front two months except on the last trading day and is subject to the existing TAS rules. Trading in all TAS products will cease daily at 2:30 PM Eastern Time. The TAS products will trade off of a "Base Price" of 100 to create a differential (plus or minus) in points off settlement in the underlying cleared product on a 1 to 1 basis. A trade done at the Base Price of 100 will correspond to a "traditional" TAS trade which will clear exactly at the final settlement price of the day. |
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| Grade and Quality Specifications |
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Russian Export Blend Crude Oil (REBCO) shall refer to crude oil of export quality
for delivery at storage and terminal installations at the port of Primorsk in
Russia. Russian Export Blend Crude Oil meeting the following specifications and
designations shall be deliverable in satisfaction of futures contract delivery
obligations under the specifications of REBCO, as follows:
Russian Export Blend Crude Oil of normal export quality:
(1) Density: Maximum 0.870 grams per cubic centimetre at 20 degrees Centigrade
(A.S.T.M. Test Method D1298, D4052 in a vacuum);
(2) Sulphur: 1.8% maximum (A.S.T.M. Test Method D129, D1552, D1266, D2622,
D4294, or IP 336);
(3) Paraffin Content: 6.0% max.
(4) Water and Sediment: Maximum 1.2% (ASTM D1744);
(5) Distillation (in % volume):
Up to 200 degrees C, min. 21;
Up to 300 degrees C, min. 41
Up to 350 degrees C, min. 50;
(6) Salts Content: Max. 100 mg/litre
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| Margin Requirements |
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| Margins are required for open futures positions. |
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| Trading Symbol |
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| RE |
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