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WTI Oil Futures

Contract Unit

1,000 barrels

Price Quotation

U.S. dollars and cents per barrel

Trading Hours

Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)

Minimum Price Fluctuation

0.01 per barrel = $10.00

Product Code

CME Globex: CL

CME ClearPort: CL

Clearing: CL



Listed Contracts

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.

Settlement Method


Termination Of Trading

Trading terminates 3 business day prior to the twenty-fifth calendar day of the month prior to the contract month. If the twenty-fifth calendar day is not a business day, trading terminates 3 business day prior to the business day preceding the twenty-fifth calendar day.

Trade At Marker Or Trade At Settlement Rules

Trading at settlement is available for spot (except on the last trading day), and months 2-13 and the next June and December contract months, subject to the requirements of Rule 524.A. TAS Trading ceases daily at 2:30 PM ET. Products eligible for TAS pricing trade off of a "Base Price" of 0 to create a differential (plus or minus 10 ticks) versus settlement in the underlying product on a 1 to 1 basis. A trade done at the Base Price of 0 will correspond to a "traditional" TAS trade which will clear exactly at the final settlement price of the day.

TAS trading terminates 5 business days before the the 26th calendar day of the month prior to contract month.

TAS calendar spread trading available in the following months: nearby/2nd, nearby/3rd, nearby/4th, nearby/5th, nearby/6th, 2nd/3rd, 2nd/4th, 2nd/5th, 2nd/6th, 3rd/4th, 3rd/5th, 3rd/6th, 4th/5th, 4th/6th and 5th/6th.

TAM trading is analogous to our existing Trading at Settlement (TAS) trading wherein parties will be permitted to trade at a differential that represents a not-yet-known price. TAM trading will use a marker price, whereas TAS trading uses the Exchange-determined settlement price for the applicable contract month. As with TAS trading, parties will be able to enter TAM orders at the TAM price or at a differential between one and ten ticks higher or lower than the TAM price. Trading at marker is available for spot month on the last trading day.

Delivery Procedure

Delivery shall be made free-on-board ("F.O.B.") at any pipeline or storage facility in Cushing, Oklahoma with pipeline access to Enterprise, Cushing storage or Enbridge, Cushing storage. Delivery shall be made in accordance with all applicable Federal executive orders and all applicable Federal, State and local laws and regulations.

At buyer's option, delivery shall be made by any of the following methods: (1) by interfacility transfer ("pumpover") into a designated pipeline or storage facility with access to seller's incoming pipeline or storage facility; (2) by in-line (or in-system) transfer, or book-out of title to the buyer; or (3) if the seller agrees to such transfer and if the facility used by the seller allows for such transfer, without physical movement of product, by in-tank transfer of title to the buyer.

Delivery Period

(A) Delivery shall take place no earlier than the first calendar day of the delivery month and no later than the last calendar day of the delivery month.

(B) It is the short's obligation to ensure that its crude oil receipts, including each specific foreign crude oil stream, if applicable, are available to begin flowing ratably in Cushing, Oklahoma by the first day of the delivery month, in accord with generally accepted pipeline scheduling practices.

(C) Transfer of title-The seller shall give the buyer pipeline ticket, any other quantitative certificates and all appropriate documents upon receipt of payment.

The seller shall provide preliminary confirmation of title transfer at the time of delivery by telex or other appropriate form of documentation.