How is the WTI CL (on CME/NYMEX) settle price determined?

VWAP during [14:28:00, 14:30:00] NY EST time everyday?
Electronic session, pit session or combined session?

Thanks a lot!

 

they used to have a committee on the floor that decided the settlement, but now it's done on volume weighted average.

it's weighted over the last two minutes and includes the floor and screens, though not sure how they account for the pit volume.

 

Yeah, that's my question: how does the pit session volume come into the picture?

 

I've no idea. Try calling the exchange, they might be able to explain exactly how the price is determined and exactly what is(what isn't) taken into account.

All I know is it's the VWAP over the last 2 minutes, and that's good enough for me!

 

actually, i can give you the answer exactly. So, you should call them for more detail on that.

 

Trying not to be a dick here but all the questions you ask can be answered on the exchanges websites.
Try the 2nd-5th link in the search results:
http://www.google.com/search?hl=en&...fai=CJN5BHUs5TP6vNpG2zQS0k6T_CwAAAKoEBU_QTX9k

 

Miz:

You have been starting dozens of fresh threads and crowding the forums with simple and naive questions about exchange procedure and market mechanics THAT CAN ALL BE ANSWERED WITH A LITTLE WORK ON YOUR PART. Each electronic trading exchange has all of these issues covered in the details and minutae of their published rules and curculars. You will probably have to go to the site map but it is there.

It was cute at first, but now it is downright annoying.

 

I literally did such searches but wasn't able to find anything concrete.

 

You know sometimes when you call, you are not speaking with the right person and it's hard to get what you want...

 

I agree with you. It's annoying to see these new threads were all started by me and being a newbie my questions were of course entry level and naive. I hate that too...

Folks, please post more interesting threads... :=)