NYMEX to Launch Russian Oil Futures Contracts on CME Globex

The New York Mercantile Exchange will launch a new Russian export blend crude oil (REBCO) futures contract on the CME Globex electronic trading platform, beginning on October 22 for trade date October 23.

The contract, which will have the code RE, will feature physical delivery of REBCO on a free-on-board basis at the port of Primorsk, Russia on the Baltic Sea. The contract size will be 1,000 barrels denominated in U.S. dollars and cents per barrel. The last day of trading will be three business days before the 15th calendar day before the first day of the delivery month. NYMEX will list the contract for 72 consecutive months beginning with the January 2007 contract. It will also be available for exchange of futures for physicals (EFP) and exchange of futures for swaps (EFS) transactions on NYMEX ClearPort from 6:00 PM Sunday through 5:15 PM Friday, with a 45 & 150; minute break between 5:15 PM and 6:00 PM on Mondays through Thursdays.

Fees for trading the contract will be $1.00 per side for members and $2.00 per side for non-members.