Trading DME Contracts

DME Oman Crude Oil Futures Contract Summary (OQD)

Trading Unit
 
1,000 U.S. barrels (42,000 gallons)
 

Price Quotation
 
U.S. dollars and cents per barrel
 

Trading Symbol on Globex
 
OQD (referred as OQ on CME Clearing)
 

Trading Hours
 
Electronic trading is open from 1600 North American Central Standard Time / Central Daylight Time (CST/CDT) Sundays and from 1645 CST/CDT Monday to Thursday and closes at 1600 CST/CDT the next day, Monday to Friday.
 
Singapore is 14 hours ahead of CST and Dubai is 10 hours ahead. The time difference is reduced by one hour when CDT is in effect. Neither Dubai nor Singapore observe Daylight Savings Time.
 

Trading Months
 
The current year and the next five years will be listed. A new calendar year will be added following the termination of trading in the December contract of the current year.
 

Minimum Price Fluctuation
 
$0.01 (1) per barrel ($10.00 per contract)
 

Maximum Daily Price Fluctuation
 
None
 

Daily Settlement
 
A daily Marker price will be published as at 1630 Singapore time (1230 Dubai Time, 0230 CST or 0330 CDT). This price represents the weighted average price of trades in the nearby Contract Month between 1625 and 1630 (Singapore Time).
 
The DME will also publish an end of trading day settlement price for all listed Contract Months, determined as at 1330 CST/CDT, which coincides with the end of the trading day for NYMEX Light Sweet Crude Oil. This latter settlement price is used by the Clearing House to calculate daily variation margin on all open DME Contracts.
 

Final Settlement Price
 
The Final Settlement Price for a Contract Month shall be the marker price on the last Trading Day of the Contract Month. This price represents the weighted average price of trades in the second nearby Contract Month between 1625 and 1630 Singapore Time plus or minus the Price Adjustment Factor.
 
The Final Settlement Price will be used for purposes of margins for delivery of the Oil.
 

Last Trading Day
 
Trading in the nearby Contract Month shall cease on the last Trading Day of the second month preceding the Delivery Month.
 

Settlement Type
 
Physical
 

Delivery
 
F.O.B at the Loading Port, consistent with current terminal operations. Complete delivery rules and provisions are detailed in Chapter 10 of the rulebook.
 

Governing Law
 
English Law
 

Holidays

DME Trading and Settlement
for US Holiday Calendar 2017 Contract
Trading for Business Day DME Marker Price
(CME intra-day Settlement)
DME Settlement Price
(CME Settlement)
New Year Day 2017 (observed) Monday, January 2 Closed No No
 
Martin Luther King Day Monday, January 16 1/17/2017 Yes No
Presidents' Day Monday, February 20 2/21/2017 Yes No
Good Friday Friday, April 14 Closed No No
Memorial Day Monday, May 29 5/30/2017 Yes No
Independence Day Tuesday, July 4 7/5/2017 Yes No
Labor Day Monday, September 4 9/5/2017 Yes No
Thanksgiving Day Thursday, November 23 11/24/2017 Yes No
Christmas Day Monday, December 25 Closed No No
New Year Day 2018  Monday, January 1 Closed No No

 

Note: The last trading day shall not be set for any CME Holiday.
 
This information is a summary of the key elements of the DME Oman Crude Oil Futures Contract. For a full contract specification follow this link.
 
 
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