LOOP’s CACs include physical forward agreements (PFAs) and block futures contracts, executed pursuant to the rules of NYMEX. During the auction, 2850 block futures were executed at US$0.15 from January– September 2018. In addition, there were 1900 PFAs sold at US$0.15/bbl from December 2017 – September 2018.
LOOP’s CACs were introduced to the market in connection with CME Group’s launch of the first-ever physically delivered crude oil storage futures contract, and provide market participants with the right to store 1000 bbls of crude oil per contract at LOOP’s Clovelly Hub for a specific calendar month. The CME Group futures are listed under the symbol ‘LPS’ and opened for trading on 30 March 2015.
