CME Group, a global derivatives marketplace, has confirmed the launch of six new West Texas Intermediate (WTI) Houston (Argus) Crude Oil futures contracts. These new cash-settled futures will be available for trading on CME Globex and for submission for clearing via CME ClearPort, effective Feb. 8, pending all relevant regulatory review periods. This contract will be listed with and subject to the rules and regulations of NYMEX.
"The recent lifting of the US crude oil export ban, increased market volatility, and infrastructure changes have stirred demand for Gulf Coast products," said Peter Keavey, CME Group executive director of energy products. "Launching six new WTI Houston crude contracts gives our clients greater ability to participate in the rapidly evolving WTI market and meet their global trading and risk management needs."
These contracts will all be listed for the current year plus three consecutive years. They are designed to complement CME Group's existing benchmark North American Crude Grade contracts and allow market participants to more accurately manage their risk exposure with the increasing volume of WTI traded in Houston.
The contract size will be 1,000 barrels with minimum tick size of $0.01 per barrel.