DME Oman Crude Oil Futures Contract
(OQ)
Trading Unit
1,000 U.S. barrels (42,000 gallons)
Price Quotation
U.S. dollars and cents per barrel
Trading Symbol
OQ
Trading Hours
Electronic trading is conducted from 6:00 pm until 5:15 pm New York Time via the DME
Direct® trading platform, Sunday through Friday.
There is a 45-minute break each day between 5:15 pm New York Time (current trade date) and
6:00 pm New York Time (next trade date).
Trading Week
The Trading week will start at 6:00 pm Sunday (New York Time) and will end at 5:15 pm Friday
(New York Time).
Trading Months
The current year and the next five years. 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 DME Settlement Price (NYMEX intraday settlement)
will also be published at 4:30 pm Singapore Time (4:30
am New York Time).
The DME will also publish a "post-close" price at 2.30
pm in New York, which coincides with the close of the
NYMEX trading floor. The DME "post-close" prices will be
used by Clearing Members and the Exchange to calculate
the daily initial and variation margins on al DME
Contracts.
Final Settlement Price
The Final Settlement Price for a Contract Month shall be the Settlement Price on the last Trading
Day of the Contract Month. The Final Settlement Price for the last Trading Day of the Contract
Month shall be determined as at 4:30 pm Singapore Time (4:30 am New York Time) using the
procedures published by the Exchange for the determination of Settlement Prices for the Oman
Futures Contract (the Final Settlement Price). The Exchange shall publish the Final Settlement
Price on the last day of trading in that Contract Month. The Final Settlement Price will be used
for purposes of margins for delivery of the Oil.
Last Trading Day
Trading in the current Contract Month shall cease on the last Trading Day of the
second month preceding the Delivery Month that is a
Singapore Business Day and a Clearing Business Day.
Settlement Type
Physical
Delivery
F.O.B Seller’s vessel at Mina Al Fahal Terminal, Oman, consistent with current terminal
operations there. For a concise guide to the settlement procedure, please refer to the settlement
and delivery mechanism.
Complete delivery rules and provisions are detailed in Chapter 10 of the Exchange Rulebook.
Loading Tolerance
The Oil must be delivered within a loading tolerance of plus or minus zero point
two per cent per barrel.
Alternate Delivery Procedure (ADP)
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 deadline for submission of an Alternative Notice of Intention to Deliver is 1800 Singapore time on the first layday.
Exchange of Futures for Physicals (EFP)
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.
Deliverable Grades
The Oil must be the same quality as the oil generally being supplied at the loading port at the time
of loading.
Inspection
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.
Margin Requirements
Margins are required for open futures positions and will be determined just prior to the start of trading on the DME.
Governing Law
English Law
Holidays
DME
Exchange Trading and
Settlement Calendar 2008 |
Trading
for
Business
Day |
DME
Settlement
(NYMEX
intra-day
Settlement) |
DME
Post Close
Settlement
(NYMEX
Settlement) |
Clearing
and
Banking |
|
New Year |
Tuesday,
Jan 1 |
Closed |
No |
No |
No |
|
Martin Luther King Day |
Monday,
January 21 |
22/1/2008 |
Yes |
No |
No |
|
Presidents' Day |
Monday,
February 18 |
19/2/2008 |
Yes |
No |
No |
|
Good Friday |
Friday,
March 21 |
Closed |
No |
No |
No |
| Memorial Day |
Monday,
May 26 |
27/5/2008 |
Yes |
No |
No |
| Independence Day |
Friday,
July 4 |
7/7/2008 |
Yes |
No |
No |
| Labour Day |
Monday,
September 1 |
2/9/2008 |
Yes |
No |
No |
| Thanksgiving
Day |
Thursday,
November 27 |
28/11/2008 |
Yes |
No |
No |
| Christmas Holiday |
Thursday,
December
25 |
Closed |
No |
No |
No |
Note: The last trading day shall not be set
for any Holiday (Singapore or NYMEX).
Please see product definitions.
Click
here to download
Contract Specifications (OQ) in pdf format.
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