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Light, Sweet Crude Oil Futures 1,000 U.S. barrels (42,000 gallons). U.S. dollars and cents per barrel. Open outcry trading is conducted from 10:00 AM until 2:30 PM.After hours futures trading is conducted via the NYMEX ACCESS internet-based trading platform beginning at 3:15 PM on Mondays through Thursdays and concluding at 9:30 AM the following day. On Sundays, the session begins at 7:00 PM. 30 consecutive months based on a quarterly listing schedule plus long-dated June futures initially listed out three years, and long-dated December futures initially listed out three to seven years.Additionally, trading can be executed at an average differential to the previous day’s settlement prices for periods of two to 30 consecutive months in a single transaction. These calendar strips are executed during open outcry trading hours.

$0.01 per barrel ($10.00 per contract).$10.00 per barrel ($10,000 per contract) for all months. If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in either direction. If another halt were triggered, the market would continue to be expanded by $10.00 per barrel in either direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one trading session. Trading terminates at the close of business on the third business day prior to the 25th calendar day of the month preceding the delivery month. If the 25th calendar day of the month is a non-business day, trading shall cease on the third business day prior to the business day preceding the 25th calendar day.

Physical. F.O.B. seller’s facility, Cushing, Oklahoma, at any pipeline or storage facility with pipeline access to TEPPCO, Cushing storage, or Equilon Pipeline Co., by in-tank transfer, in-line transfer, book-out, or inter-facility transfer (pumpover). All deliveries are ratable over the course of the month and must be initiated on or after the first calendar day and completed by the last calendar day of the delivery month. An alternate delivery procedure is available to buyers and sellers who have been matched by the Exchange subsequent to the termination of trading in the spot month contract. If buyer and seller agree to consummate delivery under terms different from those prescribed in the contract specifications, they may proceed on that basis after submitting a notice of their intention to the Exchange. The commercial buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange. EFPs may be used to either initiate or liquidate a futures position. Specific domestic crudes with 0.42% sulfur by weight or less, not less than 37API 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 and Forties, for which the seller shall receive a 30 cent per barrel discount below the final settlement price; Norwegian Oseberg Blend is delivered at a 55barrel discount; Nigerian Bonny Light, Qua Iboe, and Colombian Cusiana are delivered at 15 premiums. Inspection shall be conducted in accordance with pipeline practices. A buyer or seller may appoint an inspector to inspect the quality of oil delivered. However, the buyer or seller who requests the inspection will bear its costs and will notify the other party of the transaction that the inspection will occur. Any one month/all months: 20,000 net futures, but not to exceed 2,000 contracts in the last three days of trading in the spot month. Margins are required for open futures positions.

source NYMEX Inc

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