NYMEX原油期货合约(CL).docx

轻原油期货（CL）轻甜原油期货是买卖双方间的公开原油合约交易，也可作为一个重要的国际定价基准。合约规格商品代码 CL 交易市场 CME Globex, CME ClearPort, 公开喊价 (纽约) 交易时间 CME GLOBEX 周一至周四: 18:00-17:15 (美东时间) / 17:00-15:15 以及15:30-16:30 (美中时间), 每天17:15 (美东时间)/16:15 (美中时间)开始休息45分钟 CME ClearPort 周日至周五：18:00-17:15 (美东时间) /17:00 16:15 (美中时间), 每天17:15 (美东时间)/16:15 (美中时间)开始休息45分钟 公开喊价: 周一至周五: 09:00-14:30 (美东时间) / 08:00 13:30 (美中时间) 合约单位 1,000 桶 报价 美元美分/每桶 最小的价格波动值 $0.01 每桶 交易终止 交割月份当月进行的交易必须在交割月前一月的25号前第3个营业日完成。若该月25日非营业日，则必须在25日前一个营业日前的第3个营业日完成。若交易所正式假日安排在原油期货上市后发生变更，原上市到期日应仍然有效。若原上市到期日被宣布为假日，则到期日应为前一个营业日。 交易合约 原油期货合约时间达9年，依下列时间表：今年与未来5年的连续月份，第6年后每年6月及12月。其余月份将在12月合约到期后每年更新，因此未来9年每年6月及9月以及第6年连续月份也将纳入。 此外，单一交易在2-30个连续月之内可以依前一天的收盘价平均差执行，须在公开喊价的时间点进行。 结算方式 实物交割 交割交易（TAS） 交割交易允许在现货(最后交易日除外)、第2、第3以及第7个月，依现行TAS规则进行。所有TAS商品交易于每日下午2:30（美东时间）停止。在按1:1交割基本商品时，TAS商品将替换为零的基本价格，产生一差异（加减10个单位）值。基础价格为零的交易，将与传统TAS 交易相对应，TAS 交易将以当天最后交割价进行清算。 交割方式 (A)交割必须在克拉荷马州库欣(Cushing, Oklahom)的油管或储油设备按FOB条件进行，油管并可通达TEPPCO、库欣储油设备或Equilon Pipeline Company LLC库欣储油设备。交割必须遵循所有适用的联邦行政命令和所有适用的联邦、州和地方法律和法规。为施行本规则，按FOB条件交割，卖方必须： 将轻甜原油交付至卖方进油管或储油点和买方出油管或储油设备的连接点，且该等管道或储油设备不存在任何留置权，产权负担，未付税项，费用和其它收费。 若买方选择将原油通过设施间传送，由卖方设施转移至TEPPCO, 库欣或 Equilon Pipeline Company LLC，承担的费用为从卖方设施到TEPPCO，或卖方设施到Equilon Pipeline Company LLC两者中费用较低的一项。 在商品运送到买方出油管或储油点和卖方进油管或储油设备连接处之前，拥有商品所有权，并承担相关风险。 (B) 买方有权选责通过过下列任一方式完成交割： 通过设施间传送交付至连接卖方出油管或储油设备的指定油管或储油设备 转让储油槽所有权，而非实物交割；若卖方所使用的设备允许该等转让，或通过管道内转移，若卖方同意该等转让。 (C) 所有依此规定进行的交割都是最终结果，且不得上诉。 (D)为某一个客户提供少于5份合约的卖方应通过Equilon Pipeline Company LLC设施交割，除非买方和卖方双方同意卖方无需满足这项要求。 交割期间 A 交割日期应不早于交割月第一日并不迟于交割月最后一日进行。 B 卖方有责任确保其原油从交割月的第一天开始，依照被普遍接受的油管安排惯例，可在克拉荷马州库欣进行交割，包括每一批国外原油。 C 所有权转让-卖方应在收到付款时给予买方油管通行证、数量证明及所有相关文件。 等级和质量规格 参照规范手册章节 200 (仅英文) 持仓限额 NYMEX 部位限制 (仅英文) 规则手册章节 200 (仅英文) 交易规则 该等合约NYMEX上市，受制于NYMEX规范和规则。 Light Sweet Crude Oil FuturesProduct SymbolCLVenueCME Globex, CME ClearPort, Open Outcry (New York)Hours(All Times are New York Time/ET)CME GlobexSunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (5:00 p.m. - 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)CME ClearPortSunday Friday 6:00 p.m. 5:15 p.m. (5:00 p.m. 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)Open OutcryMonday Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)Contract Unit1,000 barrelsPrice QuotationU.S. Dollars and Cents per barrelMinimum Fluctuation$0.01per barrelTermination of TradingTrading in the current delivery month shall cease on the third business day prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth calendar day of the month is a non-business day, trading shall cease on the third business day prior to the last business day preceding the twenty-fifth calendar day. In the event that the official Exchange holiday schedule changes subsequent to the listing of a Crude Oil futures, the originally listed expiration date shall remain in effect. In the event that the originally listed expiration day is declared a holiday, expiration will move to the business day immediately prior.Listed ContractsCrude oil futures are listed nine years forward using the following listing schedule: consecutive months are listed for the current year and the next five years; in addition, the June and December contract months are listed beyond the sixth year. Additional months will be added on an annual basis after the December contract expires, so that an additional June and December contract would be added nine years forward, and the consecutive months in the sixth calendar year will be filled in.Additionally, trading can be executed at an average differential to the previous days settlement prices for periods of two to 30 consecutive months in a single transaction. These calendar strips are executed during open outcry trading hours.Settlement TypePhysicalTrading at Settlement (TAS)Trading at settlement is available for spot (except on the last trading day), 2nd, 3rd and 7th months and subject to the existing TAS rules. Trading in all TAS products will cease daily at 2:30 PM Eastern Time. The TAS products will 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.Trade at Marker (TAM)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.Light Sweet Crude Oil (CL) spot, 2nd and 3rd months and nearby/second month, second/third month and nearby/third month calendar spreadsNo-Activity Periods: 4:30 p.m. London time - 5:50 p.m. Eastern time Monday - Thursday 4:30 p.m. London time Friday - 5:20 p.m. Eastern time SundayDelivery(A) Delivery shall be made F.O.B. at any pipeline or storage facility in Cushing, Oklahoma with pipeline access to TEPPCO, Cushing storage or Equilon Pipeline Company LLC Cushing storage. Delivery shall be made in accordance with all applicable Federal executive orders and all applicable Federal, State and local laws and regulations. For the purposes of this Rule, the term F.O.B. shall mean a delivery in which the seller: provides light sweet crude oil to the point of connection between sellers incoming and buyers outgoing pipeline or storage facility which is free of all liens, encumbrances, unpaid taxes, fees and other charges; in the event of the buyers election to take delivery by interfacility transfer (pumpover) to either TEPPCO, Cushing or Equilon Pipeline Company LLC, Cushing, from sellers delivery facility, bears the lesser of the pumpover charge applicable for pumpover from sellers delivery facility to TEPPCO or Equilon Pipeline Company LLC; retains title to and bears the risk of loss for the product to the point of connection between the buyers outgoing and the sellers incoming pipeline or storage facility.(B) At buyers option, such delivery shall be made by any of the following methods: By interfacility transfer (pumpover) into a designated pipeline or storage facility with access to sellers incoming pipeline or storage facility. By in-tank transfer of title to the buyer without physical movement of product; if the facility used by the seller allows such transfer, or by in-line transfer or book-out if the seller agrees to such transfer.(C) All deliveries made in accordance with these rules shall be final and there shall be no appeal. (D) Any seller delivering less than 5 contracts for one customer shall deliver out of storage at the Equilon Pipeline Company LLC facilities, unless the buyer and seller mutually agree to exempt the seller from this requirement.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 shorts 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.Grade and Quality SpecificationsPlease see rulebook chapter 200Position LimitsNYMEX Position LimitsRulebook Chapter200Exchange RuleThese contracts are listed with, and subject to, the rules and regulations of NYMEX.Light Sweet Crude Oil OptionUnderlying FuturesLight Sweet Crude Oil Futures (CL)Product SymbolLOVenueCME Globex, CME ClearPort, Open Outcry (New York)Hours(All Times are New York Time/ET)CME ClearPort:Sunday Friday 6:00 p.m. 5:15 p.m. (5:00 p.m. 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)CME Globex:Sunday Friday 6:00 p.m. 5:15 p.m. (5:00 p.m. 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)Open Outcry:Monday Friday 9:00 AM to 2:30 PM (8:00 AM to 1:30 PM CT)Contract UnitA Light Sweet Crude Oil Put (Call) Option traded on the Exchange represents an option to assume a short (long) position in the underlying Light Sweet Crude Oil Futures traded on the Exchange.Price QuotationU.S. dollars and cents per barrel.Option StyleAmericanMinimum Fluctuation$0.01 per barrelExpiration of TradingTrading ends three business days before the termination of trading in the underlying futures contract.Listed ContractsCrude oil options are listed nine years forward using the following listing schedule: consecutive months a