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lEthanol Futures
Normal Daily Settlement
All CBOT Denatured Fuel Ethanol Futures (EH) contract months with open interest are settled by CME Group staff based on trading activity on CME GLobexGlobex.
Lead Month
Tier 1: If a trade(s) occurs on CME GLobex Globex during the two-minute window between 13:13:00 and 13:15:00 Central Time (CT), the settlement period, then the contract settles to the volume-weighted average price (VWAP) of the trade(s) during this period.
Tier 2: If no trades occur on CME GLobex Globex during the settlement window, then the last trade (or prior settle in the absence of a last trade price) is used to determine whether to settle to the low bid or the high ask.
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Tier 1: If a trade(s) occurs on CME GLobex Globex during the two-minute window between 13:13:00 and 13:15:00 Central Time (CT), the settlement period, then the contract settles to the volume-weighted average price (VWAP) of the trade(s) during this period.
Tier 2: If no trades occur on CME GLobex Globex during the closing range then the settlement will be the net change of the preceding month applied to the prior settle and validated against low bid or high ask. If the non-lead month expires prior to the lead month then the net change will be cascaded upwards from the lead month.
Normal Final Settlement
Final settlement of CBOT Denatured Fuel Ethanol futures (EH) contracts is the volume-weighted average price (VWAP) of the last two minutes of trade activity, between 11:59:00 to 12:01:00 Central Time (CT), the settlement period, on CME GLobexGlobex. If no trade occurs in the last two minutes before expiration, then the final settlement is the last traded price.
CBOT Denatured Fuel Ethanol Forward Month Futures Daily Settlement
Normal Daily Settlement
All CBOT Denatured Fuel Ethanol Forward Month futures (FZE) contracts with open interest are settled by CME Group staff based on trading activity on CME GLobexGlobex.
Lead Month
The lead month is the expiry month and the contract expected to be the most active.
In its final month of clearing, the lead month settles to the cumulative average of the daily settlement prices of the Ethanol the Ethanol futures (EH) contract contract month immediately following it . This cumulative average includes settlement includes settlement prices for all business days in that month (excluding weekends and holidays), using the last known daily settlement price to fill in each remaining clearing day.
For example, if May is the lead month of the Ethanol Forward Month futures, the settlement price on the first business day is equal to the settlement of the June Ethanol futures contract June Ethanol futures contract on that day. On the 10 th10th business day in May, daily settlement of the May Ethanol Forward Month futures contract is the cumulative average of the 10 known settlement prices for the June Ethanol futures contract during the month of May and the 1010th th observation for each of the remaining business days in May.
Deferred Months
Each deferred month Ethanol month Ethanol Forward Month futures contract futures contract settles to the daily settlement price of the Ethanol futures contract month immediately following it.
Normal Final Settlement
The expiring CBOT Denatured Fuel Ethanol Forward Month futures (FZE) contract is settled by CME Group staff based on trading activity on CME GLobexGlobex.
The CBOT Denatured Fuel Ethanol Forward Month futures contract expires contract expires on the last business day of the contract month. Final Final settlement is the cumulative average of daily settlements of the Ethanol futures (EH) contract month immediately following the expiring Ethanol Forward Month futures contract for each clearing day in the Ethanol Forward Month futures contract month.
For example, final settlement for a May Ethanol Forward Month futures would be the cumulative average of the daily settlement prices for the June Ethanol futures contract during the month of May.
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