ICE Permian West Texas Intermediate (WTI) Crude Oil

A physically settled Permian West Texas Intermediate (WTI) Crude Oil future that will be deliverable into the Magellan East Houston terminal.
Permian West Texas Intermediate (WTI) Crude Oil Future	Permian West Texas Intermediate (WTI) Crude Oil Future 	Permian West Texas Intermediate (WTI) Crude Oil Future 	Permian West Texas Intermediate (WTI) Crude Oil Future
Trading Screen Product Name 	Permian WTI Futures 	Permian WTI Futures 	Permian WTI Futures
Trading Screen Hub Name 	Permian WTI 	Permian WTI 	Permian WTI
Product 	Permian WTI, as defined in the Exchange and Clearing House rules 	Permian WTI, as defined in the Exchange and Clearing House rules 	Permian WTI, as defined in the Exchange and Clearing House rules
Contract Symbol 	HOU 	HOU 	HOU
Contract Size 	1,000 barrels 	1,000 barrels 	1,000 barrels
Unit of Trading 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Settlement Price Quotation 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel
Last Trading Day 	Trading in the current delivery month shall cease at the end of the designated settlement period 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 at the end of the designated settlement period on the third Business Day prior to the last Business Day preceding the twenty-fifth calendar day. 	Trading in the current delivery month shall cease at the end of the designated settlement period 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 at the end of the designated settlement period on the third Business Day prior to the last Business Day preceding the twenty-fifth calendar day. 	Trading in the current delivery month shall cease at the end of the designated settlement period 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 at the end of the designated settlement period on the third Business Day prior to the last Business Day preceding the twenty-fifth calendar day.
Position Limit 	The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth in the Position and Expiry Limit Table.
https://www.theice.com/publicdocs/Position_and_Expiry_Limit_and_Accountability_Levels.xls 	The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth in the Position and Expiry Limit Table.
https://www.theice.com/publicdocs/Position_and_Expiry_Limit_and_Accountability_Levels.xls 	The applicable position limits and/or accountability levels, in addition to the reportable levels, are set forth in the Position and Expiry Limit Table.
https://www.theice.com/publicdocs/Position_and_Expiry_Limit_and_Accountability_Levels.xls
Final Settlement 	The final settlement price as determined on the Last Trading Day of the expiring contract month shall be the basis for delivery. 	The final settlement price as determined on the Last Trading Day of the expiring contract month shall be the basis for delivery. 	The final settlement price as determined on the Last Trading Day of the expiring contract month shall be the basis for delivery.
Delivery Date 	(A) Delivery shall take place no earlier than the first calendar day of the delivery month and shall be completed no later than the last calendar day of the delivery month.
(B) It is the Seller's obligation to ensure that its crude oil receipts are available to begin flowing ratably in Magellan East Houston terminal by the first day of the delivery month, in accordance with applicable tariffs Magellan has on file with the Texas Railroad Commission or Federal Energy Regulatory Commission. 	(A) Delivery shall take place no earlier than the first calendar day of the delivery month and shall be completed no later than the last calendar day of the delivery month.
(B) It is the Seller's obligation to ensure that its crude oil receipts are available to begin flowing ratably in Magellan East Houston terminal by the first day of the delivery month, in accordance with applicable tariffs Magellan has on file with the Texas Railroad Commission or Federal Energy Regulatory Commission. 	(A) Delivery shall take place no earlier than the first calendar day of the delivery month and shall be completed no later than the last calendar day of the delivery month.
(B) It is the Seller's obligation to ensure that its crude oil receipts are available to begin flowing ratably in Magellan East Houston terminal by the first day of the delivery month, in accordance with applicable tariffs Magellan has on file with the Texas Railroad Commission or Federal Energy Regulatory Commission.
Delivery Methods 	(A) Delivery shall be made at the Magellan East Houston terminal, and shall be made in accordance with all applicable Federal executive orders and all applicable Federal, State and local laws and regulations.
(B) Delivery is to be made by Product Transfer Order (“PTO”) for in-line (or in-system) transfer or in-tank transfer of title to the Buyer.
(C) Buyer and Seller’s ability to make or take delivery is subject to a Magellan System Services Agreement, Software Terms of Use, or other documentation governing such delivery process.
Members should be aware that Magellan may charge additional fees, including but not limited to a product transfer order fee on title transfers of physical barrels at the Magellan East Houston terminal. Any such fees are a matter between Members and Magellan and therefore do not form part of this Contract. 	(A) Delivery shall be made at the Magellan East Houston terminal, and shall be made in accordance with all applicable Federal executive orders and all applicable Federal, State and local laws and regulations.
(B) Delivery is to be made by Product Transfer Order (“PTO”) for in-line (or in-system) transfer or in-tank transfer of title to the Buyer.
(C) Buyer and Seller’s ability to make or take delivery is subject to a Magellan System Services Agreement, Software Terms of Use, or other documentation governing such delivery process.
Members should be aware that Magellan may charge additional fees, including but not limited to a product transfer order fee on title transfers of physical barrels at the Magellan East Houston terminal. Any such fees are a matter between Members and Magellan and therefore do not form part of this Contract. 	(A) Delivery shall be made at the Magellan East Houston terminal, and shall be made in accordance with all applicable Federal executive orders and all applicable Federal, State and local laws and regulations.
(B) Delivery is to be made by Product Transfer Order (“PTO”) for in-line (or in-system) transfer or in-tank transfer of title to the Buyer.
(C) Buyer and Seller’s ability to make or take delivery is subject to a Magellan System Services Agreement, Software Terms of Use, or other documentation governing such delivery process.
Members should be aware that Magellan may charge additional fees, including but not limited to a product transfer order fee on title transfers of physical barrels at the Magellan East Houston terminal. Any such fees are a matter between Members and Magellan and therefore do not form part of this Contract.
Contract Series 	Up to 96 consecutive months 	Up to 96 consecutive months 	Up to 96 consecutive months
Disclaimer 	“Magellan” and “Magellan East Houston” are trademarks of Magellan Crude Oil Pipeline Company, L.P. (“Magellan”) and have been licensed for use by IFEU and its Affiliates. Magellan and ICE do not guarantee the accuracy or completeness of data associated with the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract. ICE, its Affiliates and Magellan and its Affiliates make no warranties, express or implied, as to the results to be obtained by any person or entity from any use of the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract including from trading based on the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract or data associated with the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract. ICE, its Affiliates and Magellan and its Affiliates make no warranties, express or implied, and hereby disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract or any data generated therefrom or used to derive valuations for the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract. Without limiting any of the foregoing, in no event shall ICE, its Affiliates or Magellan and its Affiliates have any liability for any lost profits or indirect, punitive, special or consequential damages (including lost profits), even if notified of the possibility of such damage.	“Magellan” and “Magellan East Houston” are trademarks of Magellan Crude Oil Pipeline Company, L.P. (“Magellan”) and have been licensed for use by IFEU and its Affiliates. Magellan and ICE do not guarantee the accuracy or completeness of data associated with the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract. ICE, its Affiliates and Magellan and its Affiliates make no warranties, express or implied, as to the results to be obtained by any person or entity from any use of the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract including from trading based on the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract or data associated with the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract. ICE, its Affiliates and Magellan and its Affiliates make no warranties, express or implied, and hereby disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract or any data generated therefrom or used to derive valuations for the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract. Without limiting any of the foregoing, in no event shall ICE, its Affiliates or Magellan and its Affiliates have any liability for any lost profits or indirect, punitive, special or consequential damages (including lost profits), even if notified of the possibility of such damage.	“Magellan” and “Magellan East Houston” are trademarks of Magellan Crude Oil Pipeline Company, L.P. (“Magellan”) and have been licensed for use by IFEU and its Affiliates. Magellan and ICE do not guarantee the accuracy or completeness of data associated with the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract. ICE, its Affiliates and Magellan and its Affiliates make no warranties, express or implied, as to the results to be obtained by any person or entity from any use of the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract including from trading based on the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract or data associated with the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract. ICE, its Affiliates and Magellan and its Affiliates make no warranties, express or implied, and hereby disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract or any data generated therefrom or used to derive valuations for the applicable Permian West Texas Intermediate (WTI) Crude Oil Future contract. Without limiting any of the foregoing, in no event shall ICE, its Affiliates or Magellan and its Affiliates have any liability for any lost profits or indirect, punitive, special or consequential damages (including lost profits), even if notified of the possibility of such damage.
Business Days 	US business days. 	US business days. 	US business days.
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	8:00 PM - 6:00 PM*
20:00 - 18:00 	7:45 PM
19:45
Trading Hours 	LONDON 	1:00 AM - 11:00 PM*
01:00 - 23:00 	12:45 AM
00:45
Trading Hours 	SINGAPORE 	9:00 AM - 7:00 AM*
09:00 - 07:00 	8:45 AM
08:45
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	Permian WTI 	Permian WTI
Codes 	Physical 	HOU 	HOU
Codes 	Logical 	HOU 	HOU
Codes 	GMI (FC) 	LY 	LY
Codes 	ION A.C.N. 	None 	None
Permian WTI American-style Options	Permian WTI American-style Options 	Permian WTI American-style Options 	Permian WTI American-style Options
Trading Screen Product Name 	Permian WTI Futures 	Permian WTI Futures 	Permian WTI Futures
Trading Screen Hub Name 	Permian WTI 	Permian WTI 	Permian WTI
Hedge Instrument 	The delta hedge for the American-style Option is the ICE Permian WTI Future (HOU). 	The delta hedge for the American-style Option is the ICE Permian WTI Future (HOU). 	The delta hedge for the American-style Option is the ICE Permian WTI Future (HOU).
Contract Symbol 	HOU 	HOU 	HOU
Contract Size 	1,000 barrels 	1,000 barrels 	1,000 barrels
Unit of Trading 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels 	Any multiple of 1,000 barrels
Currency 	US Dollars and cents 	US Dollars and cents 	US Dollars and cents
Trading Price Quotation 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel 	One cent ($0.01) per barrel
Settlement Price Quotation 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel
Minimum Price Fluctuation 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel 	One tenth of one cent ($0.001) per barrel
Last Trading Day 	Trading shall cease at the end of the designated settlement period for the underlying future on the third Trading Day prior to cessation of trading in the underlying ICE Permian WTI futures contract. 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. 	Trading shall cease at the end of the designated settlement period for the underlying future on the third Trading Day prior to cessation of trading in the underlying ICE Permian WTI futures contract. 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. 	Trading shall cease at the end of the designated settlement period for the underlying future on the third Trading Day prior to cessation of trading in the underlying ICE Permian WTI futures contract. 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.
Option Premium / Daily Margin 	Due to equity-style margining the premium on ICE WTI Options is paid / received on the day following the day of trade. Equity-Style Options have no daily Variation Margin payment. The premium on the Equity-style Options is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. 	Due to equity-style margining the premium on ICE WTI Options is paid / received on the day following the day of trade. Equity-Style Options have no daily Variation Margin payment. The premium on the Equity-style Options is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement. 	Due to equity-style margining the premium on ICE WTI Options is paid / received on the day following the day of trade. Equity-Style Options have no daily Variation Margin payment. The premium on the Equity-style Options is paid/received on the business day following the day of trade. Net Liquidating Value (NLV) will be re-calculated each business day based on the relevant daily settlement prices. For buyers of options the NLV credit will be used to off-set their Original Margin (OM) requirement; for sellers of options, the NLV debit must be covered by cash or collateral in the same manner as OM requirement.
Exercise 	ICE Permian WTI Options can be exercised into ICE Permian WTI Futures contracts. Options contracts are of American-style exercise, allowing the buyer to exercise call and/or put options up to 17:00 hours (London time) on any Trading Day (except on expiry day) during the life of the contract, by giving an exercise notice to ICE Clear Europe in respect of such options. On expiry day, automatic exercise settings are pre-set to exercise call and put option contracts that are one minimum price fluctuation or more in-the-money and call option contracts which are at-the-money with reference to the corresponding daily settlement price at the designated settlement time as determined by the Exchange. At-the-money put options will be abandoned and call options will be exercised.	ICE Permian WTI Options can be exercised into ICE Permian WTI Futures contracts. Options contracts are of American-style exercise, allowing the buyer to exercise call and/or put options up to 17:00 hours (London time) on any Trading Day (except on expiry day) during the life of the contract, by giving an exercise notice to ICE Clear Europe in respect of such options. On expiry day, automatic exercise settings are pre-set to exercise call and put option contracts that are one minimum price fluctuation or more in-the-money and call option contracts which are at-the-money with reference to the corresponding daily settlement price at the designated settlement time as determined by the Exchange. At-the-money put options will be abandoned and call options will be exercised.	ICE Permian WTI Options can be exercised into ICE Permian WTI Futures contracts. Options contracts are of American-style exercise, allowing the buyer to exercise call and/or put options up to 17:00 hours (London time) on any Trading Day (except on expiry day) during the life of the contract, by giving an exercise notice to ICE Clear Europe in respect of such options. On expiry day, automatic exercise settings are pre-set to exercise call and put option contracts that are one minimum price fluctuation or more in-the-money and call option contracts which are at-the-money with reference to the corresponding daily settlement price at the designated settlement time as determined by the Exchange. At-the-money put options will be abandoned and call options will be exercised.
Strike Price Listing Provisions 	At launch multiples of .01 per barrel ranging from a strike of $1 to a strike of $240. Additional strike prices are added according to futures price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	At launch multiples of .01 per barrel ranging from a strike of $1 to a strike of $240. Additional strike prices are added according to futures price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract. 	At launch multiples of .01 per barrel ranging from a strike of $1 to a strike of $240. Additional strike prices are added according to futures price movements. The at-the-money strike price is the closest interval nearest to the previous business day's settlement price of the underlying contract.
Contract Series 	Up to 108 consecutive months 	Up to 108 consecutive months 	Up to 108 consecutive months
Business Days 	US business days. 	US business days. 	US business days.
MIC Code 	IFEU 	IFEU 	IFEU
Clearing Venues 	ICEU 	ICEU 	ICEU
Trading Hours 	CITY 	TRADING 	PRE-OPEN
Trading Hours 	NEW YORK 	7:50 PM - 6:00 PM*
19:50 - 18:00 	7:40 PM
19:40
Trading Hours 	LONDON 	12:50 AM - 11:00 PM*
00:50 - 23:00 	12:40 AM
00:40
Trading Hours 	SINGAPORE 	8:50 AM - 7:00 AM*
08:50 - 07:00 	8:40 AM
08:40
Trading Hours 	*Next Day 	*Next Day 	*Next Day
Codes 	Clearing Admin Name 	Permian WTI 	Permian WTI
Codes 	Physical 	HOU 	HOU
Codes 	Logical 	HOU 	HOU
Codes 	GMI (FC) 	LY 	LY
Codes 	ION A.C.N. 	None 	None
== Notes ==
==References==
==Resources==
ICE Permian West Texas Intermediate (WTI) Crude Oil Product Spec
ICE Permian WTI American-style Options Product Spec
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