What are the major international crude oil futures contracts?

Crude oil investment
What are the major international crude oil futures contracts?
At present, there are four important crude oil futures contracts in the world: New York Mercantile Exchange (NYMEX) light and low sulfur crude oil futures contract, namely "West Texas Intermediate (WTI) oil" futures contract, high sulfur crude oil futures contract, London International Petroleum Exchange (IPE) Brent crude oil futures contract, Singapore Exchange (Singapore Exchange) Re exchange (SGX). Other oil futures include heating oil, fuel oil, gasoline, light diesel, etc.
WTI crude oil futures contract launched by New York Mercantile Exchange
WTI crude oil futures contract launched by New York Mercantile Exchange (NYMEX) has become the benchmark price of global crude oil pricing because of its good liquidity and transparent price. In addition, the exchange also launched a series of other products for risk control and trading opportunities: option trading, option spread trading, refining margin option trading between heating oil and crude oil, refining margin option trading between gasoline and crude oil, and average price option trading. The unit of the contract is 1000 barrels per hand (see Table 8 for specific contract specifications). Delivery must be carried out in Cushing, oklahom pipeline or oil storage equipment according to fob conditions, and the pipeline has the right to use teppco, Cushing oil storage equipment or equilon Pipeline Company LLC Cushing oil storage equipment. Delivery is subject to all applicable federal executive orders and all applicable federal, state and local laws and regulations. Delivery quality sets several grades of domestic and international trading crude oil to meet the different needs of the spot market.
Among the three major energy futures markets, the trading volume of energy futures and options on the New York Mercantile Exchange Accounts for more than half of the total volume of the three major energy exchanges. Its WTI crude oil is one of the most important pricing benchmarks in the global oil market. All crude oil produced in or sold to North America is priced based on WTI crude oil.
Brent crude oil futures contract launched by London International Petroleum Exchange (IPE)
Brent crude oil is produced in the North Sea light and low sulfur crude oil, which is also the benchmark quality and is widely traded, which is different from the New York Mercantile Exchange light and low sulfur crude oil futures contract. Brent crude oil production is about 500000 barrels per day, produced in sullom VOE, Shetland Islands. It is mainly processed in northern Europe, and a small part is processed in the east coast of northern countries and the Mediterranean region. Most of these producers are still trading in non-standard spot mode. It got its name from the location of the transaction in Brent, London. The loading port of Brent crude oil is sullom VOE in Shetland Islands of the North Sea. The main users are refineries located in northwest Europe and the east coast of the United States.
The London International Petroleum Exchange is the most important trading place for energy futures and options in Europe. It is one of the world's oil trading centers. It was established in 1980, led by a group of energy and futures companies, and is a non-profit organization. In April 1981, the London International Petroleum Exchange (IPE) launched heavy diesel (gasoil) futures trading, which is the first European energy futures contract. On June 23, 1988, IPE launched the Brent crude oil futures contract, which is specially designed to meet the demand of the oil industry for international crude oil futures contracts. It is a highly flexible tool for risk aversion and trading. After its listing, the contract has achieved great success, rapidly surpassing gasoil futures as the most active contract of the exchange, thus becoming one of the international crude oil futures trading centers, and the North Sea Brent crude oil futures price has also become one of the benchmarks of international oil prices.
Now, the Brent crude oil futures contract is part of the Brent crude oil pricing system, which covers 65% of the world's crude oil trading volume. Brent crude oil pricing system is based on proctor's energy spot platform, with Brent crude oil futures as the main form, and integrates various forms of pricing system, such as spot, forward and OTC contracts. The bfoe index developed by proctor's energy consulting is the core of the system. The index is based on the spot prices of Brent, forties, oseberg and Ekofisk in the 25 day period. However, up to now, the Platts bfoe index has not set the premium for four grades of crude oil, which leads to the low-cost forites crude oil becoming the main variety in spot trade, which weakens the market authority of Brent crude oil price to a certain extent.
To this end, it has been reported recently that shell oil and Platts energy are negotiating on the introduction of a premium system for different quality crude oil. Ice Brent crude oil futures contract adopts cash settlement method. The settlement basis is the Brent index price calculated based on the market data collected by isislor, Argus and Reuters in Dublin. Not only that, the contract can also carry out physical delivery, while the contract can also choose to carry out settlement by cash transfer. The London Clearing House (LCH) is the other side of the buyer and seller trading on the London exchange. This ensures the financial soundness of each contract, including delivery and clearing. LCH has no obligation or contractual relationship with its members' customers (i.e. non member users or non clearing members of the exchange).

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