• Listing of Physically-Delivered LOOP Crude Oil Storage Futures

      • To
      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-7319
      • Notice Date
      • 13 March 2015
      • Effective Date
      • 29 March 2015

    • Effective Sunday, March 29, 2015, for trade date Monday, March 30, 2015, and pending all relevant CFTC regulatory review periods, the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will list the LOOP Crude Oil Storage Futures contract for trading on the NYMEX trading floor, CME Globex and for submission for clearing via CME ClearPort.

       

      The new contract will be physically-delivered based on a “Capacity Allocation Contract” (CAC) which shall provide the legal right to utilize storage capacity in the quantity of 1,000 barrels for a specified calendar month at the Louisiana Offshore Oil Port (LOOP) facility in Clovelly, Louisiana.  The contract will be listed for 12 consecutive months, and the contract size shall be one CAC in the quantity of 1,000 barrels.

       

      Also concurrent with the launch of this contract and pending all relevant CFTC regulatory review periods, the Exchange will permit block trading pursuant to Rule 526 (Block Trades) at a block trade minimum threshold of five (5) contracts. 

       

      CONTRACT SPECIFICATIONS

      Contract Name

      LOOP Crude Oil Storage Futures

      Commodity Code

      LPS

      Chapter

      210

      Settlement Type

      Physical

      Contract Size

      1,000 barrels

      Termination of Trading

      Trading shall cease on the third business day prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth calendar day of the month is a non-business day, trading shall cease on the third business day prior to the last business day preceding the twenty-fifth calendar day.

      Minimum Price Fluctuation

      $0.001

      Final Settlement Price Tick

      $0.001

      First Listed and Delivery Month

      May 2015

      Listing Convention

      Twelve (12) consecutive months

      CME Match Algorithm

      First In First Out (F)

       

      Exchange Fees:

       

      Exchange Fees

       

      Member Day

      Member

      Cross Division

      Non-Member

      IIP

      Pit

      $0.85

      $0.85

      $1.10

      $1.35

      		  

      CME Globex

      $0.85

      $0.85

      $1.10

      $1.35

      $1.10

      CME ClearPort

      		  

      $0.85

      		  

      $1.35

      		  

      Agency Cross

       

      $0.85

       

      $1.35

       
                 

      Other Processing Fees

       

       

      House Acct

      Customer Acct

       

      Delivery Notice

      $.50

      $1.00

       
                     

       

      Additional Fees and Surcharges

      Facilitation Desk Fee

      $.30

       

       

      Trading and Clearing Hours:

       

      CME Globex and CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m.

      Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT).

      NYMEX Trading Floor: Monday – Friday 9:00 a.m. – 2:30 p.m. (8:00 a.m. – 1:30 p.m. CT)

       

      Please refer questions on this subject to:

      Business Line Management

      Russell Karas                            Russell.Karas@cmegroup.com                          212.299.2345

      Energy Research:

      Dan Brusstar                             Daniel.Brusstar@cmegroup.com                        212.299.2604

       

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