Brent blend
Brent blend is a light sweet North Sea crude oil that serves as an international benchmark grade.
Brent blend production runs approximately 500,000 barrels a day. Most is refined in Northwest Europe, but significant volumes move to the U.S. Gulf and East Coasts and to the Mediterranean from the shipping terminal at Sullom Voe in the Shetland Islands. The producing companies trade most of the volume on a spot basis with virtually no formal term contracts.
Trading Unit: 1,000 barrels (42,000 gallons).
Price Quotation: Prices are quoted in U.S. dollars and cents per barrel.
Minimum Price Fluctuation: $ 0.01 per barrel.
Maximum Price Fluctuation: No price limits.
Trading Hours:
(All times are New York time) The contract is available for trading on the CME Globex® trading platform from 6:00 PM Sundays through 5:15 PM Fridays, with a 45-minute break each day between 5:15 PM and 6:00 PM. Off-Exchange transactions can be submitted solely for clearing to the NYMEX ClearPort® clearing website as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 5:15 PM, Monday through Friday, and the day preceding a holiday.
Trading Months:
Up to 72 consecutive months on an annual basis (balance of current year plus five full years) and then June and December contracts for three additional years Termination of Trading Trading ceases at the close of business on the business day prior to the 15th calendar day prior to the start of the delivery month. If the 15th calendar day is a non-business day in London, trading shall cease on the business day ( in London) immediately preceeding the day preceding the 15th calendar day.
Settlement Type:
Financial, based on the ICE Brent Crude Oil Futures 1st nearby contract settlement price on the final trading day for the delivery month.
Trading Symbol: BZ
11-5-2009
