ICE Middle East Sour Crude Oil

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The IntercontinentalExchange Middle East Sour Crude futures contract is an electronically traded product based on crude oil from Dubai, Oman and Upper Zakum, which originates in Abu Dhabi. The ICE contract was launched on May 21, 2007. It is one of two Middle East crude oil futures seeking benchmark status.

The ICE Middle East Sour Crude futures contract is cash-settled against the Platts Dubai physical cash price assessment, the leading benchmark for sour crude in the over-the-counter markets.

Trading in the ICE Middle East Sour Crude contract at ICE Futures brought together an existing benchmark for the sour grade of crude alongside the world's two light sweet crude oil benchmarks, Brent and WTI, on ICE's globally distributed electronic trading platform. Market participants can also trade spreads between Brent, WTI and the Middle East sour crude futures contract and benefit from cross margining.

Background

The Middle East is one of the world's largest crude oil production regions with several key OPEC members based in the region. Approximately 70% of total Middle East crude exports are exported to Far Eastern buyers. The Middle East has over 60% of the world's proven oil reserves.^[1]

Data Quotes

ICE offers data quotes on a subscription basis.^[2]

Middle East Sour Crude Oil futures
Exchange	ICE
Settlement	Physically delivered
Point Value	Need point value!
Tick Value	Need tick value!
Contract Months	Need contract months!
Last Trading Day	Need LTD rules!
Note: This contract is electronic ONLY -- no open outcry
	No Open Outcry	No Electronic Market
Trading Hours	N/A	N/A
Ticker Symbol	N/A	N/A
Price Limits	N/A	N/A

References

1. ↑ Press Release. ICE/PR Newswire. Retrieved on February 2, 2008.
2. ↑ The most valuable commodity is information. ICE. Retrieved on February 1, 2008.

• ICE contract factsheet