Trading DME Contracts
DME Oman Crude Oil Futures Contract Summary (OQD)
 

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 1700 CST/CDT Monday to Thursday and closes at 1615 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 nearby Contract Month between 1625 and 1630 Singapore Time.

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
Calendar 2014


Trading for Business Day

DME Marker Price
(CME intra-day Settlement)

DME Settlement Price
(CME Settlement)

New Year Day 2014 Wednesday,
January 1
Closed No No
Martin Luther King Day Monday,
January 20
21/1/2014 Yes No
Presidents' Day Monday,
February 17
18/2/2014 Yes No
Good Friday Friday,
April 18
Closed No No
Memorial Day Monday,
May 26
27/5/2014 Yes No
Independence Day Friday,
July 4
7/7/2014 Yes No
Labor Day Monday,
September 1
2/9/2014 Yes No
Thanksgiving Day Thursday,
November 27
28/11/2014 Yes No
Christmas Day Thursday,
December 25
Closed No No
New Year Day 2015 Thursday,
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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