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IntercontinentalExchange, Inc. (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced the introduction of two cash-settled futures contracts based on the Argus Sour Crude Index (ASCI) and cleared by ICE Clear Europe.
The new futures contracts are the ICE Argus Sour Crude Index (ASCI) Future, which is an outright contract, and the ICE Argus Sour Crude Index (ASCI) Differential Future, which is the differential between the ASCI and the West Texas Intermediate (WTI) price. The futures contracts will be listed by ICE Futures Europe and will be available on the trade date of Monday, December 7, pending regulatory approval. ICE previously announced the November 13 availability of two ASCI-based cleared OTC contracts.
David Peniket, President and COO of ICE Futures Europe, said: "We're pleased to add the ICE Argus Sour Crude Index products to ICE's offering of futures and OTC cleared crude and refined oil benchmarks. We believe the availability of a U.S. Gulf Coast benchmark ASCI, together with our ICE WTI and Brent crude contracts, enhances the ability of our customers to effectively manage price risk in the global energy markets."
Argus Media launched its ASCI sour crude index in May to represent the daily value of U.S. Gulf Coast medium sour crude, based on physical spot market transactions. The daily ASCI price is the volume-weighted average of all transactions for three grades of Gulf Coast crude combined: Mars, Poseidon and Southern Green Canyon.
For more information, please see www.theice.com/oil or www.argusmedia.com
