MiniBrent Previous Price $ 64.42
JAKARTA FUTURES EXCHANGE

The Officials Rolling Brent Crude Oil Contract (MINIBRENT)

Overview Contract Basis Contract Specifications Trading Days & Hours Price Reference Rollover

Description of Brent

Brent Crude Oil is one of the world’s main types of crude oil and serves as a global benchmark price for oil trading. Brent originates from oil fields in the North Sea, primarily located between Scotland and Norway, and is named after the Brent oil field owned by Shell.

Brent Crude is a blend of oils from several fields, including Brent, Forties, Oseberg, Ekofisk, and Troll (BFOET). The Rolling Brent Crude Oil Contract (MINIBRENT) is a product resulting from the collaboration between PT Jakarta Futures Exchange and Onyx Capital, one of the largest traders of oil-based derivative contracts in the world.

The reference price used is the Oil Brent Index (OBI), published in The Officials, The Benchmark, Asian Edition.

Contract Basis

JFX The Officials Rolling Brent Crude Oil Contract is based on the price of The Oil Brent Index (OBI) as published in The Officials, The Benchmark, Asian Edition.

Contract Specifications

Contract Code
MINIBRENT
Contract Size
100 barrels
Currency
USD
Tick Size
USD 0.05 per barrel
Settlement Method
Cash settlement
Position Limit
1000 Lots
Reportable Position Threshold
750 Lot

Trading Days & Hours

  • Trading days are Monday to Friday, excluding designated trading holidays for this contract.
  • Trading holidays for the Brent Crude Oil Rolling Contract are New Year’s Day, Good Friday, and Christmas Day.
  • Trading hours are from 09:00 AM to 01:30 AM (GMT+7) on the following day.

Price Reference

The price reference used is The Oil Brent Index (OBI) as published in The Officials, The Benchmark, Asian Edition with the following provisions:

  • The M+2 month OBI price is used from the first business day up to the Contract Rollover Date, which is the penultimate business day of each month.
  • The M+3 month OBI price is used on the last business day of each month.

Contract Rollover Method

  • The Contract Rollover Date is the penultimate business day of the current month.
  • All open positions at the end of the Contract Rollover Date will be rolled over to the next trading day.
  • The rollover process is done by realizing profit or loss at the end of the Contract Rollover Date based on the Daily Settlement Price. The open position will be carried over to the next trading day with a price adjustment in accordance with the new reference price.
  • A rollover fee will be charged to the party performing the rollover, with the amount stipulated in the Joint Decree.

Source: The Officials, The Benchmark (Asian Edition) — Brent Contract documentation.