MiNY Crude Oil Futures

QUOTE AND NEWS
Mondo Visione  Jun 21  Comment 
BM&FBOVESPA launches a new cash-settled mini Crude Oil derivatives contract on June 21, based on the settlement price of CME Group’s NYMEX Light Sweet Crude Oil (WTI) futures contract. The new contract is authorized for trading as of...




 
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MiNY Light Sweet Crude Oil futures are traded on the New York Mercantile Exchange under ticker symbol QM in U.S. dollars and cents per barrel.[1]

The chart at left shows Front Month MiNY Light Sweet Crude Oil futures prices on the New York Mercantile Exchange (NYMEX) in U.S. dollars and cents per barrel.

Delivery Dates

MiNY Light Sweet Crude Oil futures are delivered every year in January, February, March, April, May, June, July, August, September, October, November and December (all months).[1]

The following is a table with MiNY Light Sweet Crude Oil futures delivery dates and resultant tickers for 2009. For an explanation on commodity tickers see commodity ticker construction.

Delivery Month Full Ticker Symbol Thomson-Reuters Symbol
January, 2009QMF9QM/F9-NM
February, 2009QMG9QM/G9-NM
March, 2009QMH9QM/H9-NM
April, 2009QMJ9QM/J9-NM
May, 2009QMK9QM/K9-NM
June, 2009QMM9QM/M9-NM
July, 2009QMN9QM/N9-NM
August, 2009QMQ9QM/Q9-NM
September, 2009QMU9QM/U9-NM
October, 2009QMV9QM/V9-NM
November, 2009QMX9QM/X9-NM
December, 2009QMZ9QM/Z9-NM


Contract Specifications

Contract Size

One MiNY Light Sweet Crude Oil futures contract on the New York Mercantile Exchange is 500 barrels.[1]

Tick Value

$0.025 (2.5¢) per barrel ($12.50 per contract).[1]

Daily Price Limit

None.[1]

Trading Hours

  • On the CME Globex electronic platform: 6:00 PM Sundays through 5:15 PM Fridays, with a 45-minute break each day between 5:15 PM and 6:00 PM, New York Time.[1]

Last Trading Day

Trading terminates at the close of business on the fourth business day prior to the 25th calendar day of the month preceding the contract month. If the 25th calendar day of the month is a non-business day, trading shall cease on the fourth business day prior to the business day preceding the 25th calendar day.[1]

Deliverable Grades

Specific domestic crudes with 0.42% sulfur by weight or less, not less than 37° API gravity nor more than 42° API gravity. The following domestic crude streams are deliverable: West Texas Intermediate, Low Sweet Mix, New Mexican Sweet, North Texas Sweet, Oklahoma Sweet, South Texas Sweet. Specific foreign crudes of not less than 34° API nor more than 42° API. The following foreign streams are deliverable: U.K. Brent, for which the seller shall receive a 30 cent per barrel discount below the final settlement price; Norwegian Oseberg Blend is delivered at a 55¢–per–barrel discount; Nigerian Bonny Light, Qua Iboe, and Colombian Cusiana are delivered at 15¢ premiums.[1]

Margin Requirements

  • Initial Margin: $3,881 for non-member customers; $3,163 for member customers.[2]
  • Maintenance Margin: $2,875 (clearing member and customer).[2]

References

  1. 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 The New York Mercantile Exchange's contract specification for MiNY Light Sweet Crude Oil futures
  2. 2.0 2.1 NYMEX Margin Requirements for MiNY Light Sweet Crude Oil Futures
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