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Real-time light sweet crude oil price, front-month futures, in US$ per barrel, on NYMEX exchange
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Oil Sector News
The recent rise in Brent futures is due to temporary special factors that likely will ease in the next few months, many analysts and traders say. 8/23/2012
The oil market continues to exhibit a supply surplus, Commerzbank says, expecting Brent at $110/bbl by year’s end. But Goldman expects oil demand to grow “well in excess of production capacity growth” and forecasts Brent to reach $127.50 six months from now.
Three big keys to how the crude can rebound after its 25 percent loss from its 2012 high. 6/12/2012
• Unconventional sources are producing more oil, such as tar sands in Canada, among other places, where costs are higher.
• Russia and Saudi Arabia, along with other large oil producing countries, require a significantly higher price for crude to help balance budgets.
• OPEC capacity is less than 4 million barrels per day, which equates to roughly 11 percent of overall production. This marks the lowest level since 2008, and subsequent supply disruptions should push crude up swiftly.
Kodiak Oil & Gas (KOG +9.1%), Comstock Resources (CRK +9.1%), Rosetta Resources (ROSE +6%) and Noble Energy (NBL +2.9%) rank among the day’s top gainers in the energy sector after shares are upgraded to Add from Neutral at CapitalOne Southcoast. 6/6/2012
Light, Sweet Crude Oil
1,000 U.S. barrels (42,000 gallons).
9:45 A.M. to 3:10 P.M., for the open outcry session. After-hours trading is conducted via the NYMEX ACCESS¨ electronic trading system from 7 P.M. to 9 A.M. on Sundays and 4 P.M. to 9 A.M., Mondays through Thursdays. All times are New York time.
30 consecutive months plus long-dated futures initially listed 36, 48, 60, 72, and 84 months prior to delivery. Additionally, trading can be executed at an average differential to the previous dayÕs settlement prices for periods of two to 30 consecutive months in a single transaction. These calendar strips are executed during open outcry trading hours.
Dollars and cents per barrel.
Minimum Price Fluctuation
$0.01 (1¢) per barrel ($10 per contract).
Maximum Daily Price Fluctuation
Initial limits of $3.00 per barrel are in place in all but the first two months and rise to $6.00 per barrel if the previous dayÕs settlement price in any back month is at the $3.00 limit. In the event of a $7.50 per barrel move in either of the first two contract months, limits on all months become $7.50 per barrel from the limit in place in the direction of the move following a one-hour trading halt.
Last Trading Day
Trading terminates at the close of business on the third business day prior to the 25th calendar day of the month preceding the delivery month. If the 25th calendar day of the month is a non-business day, trading shall cease on the third business day prior to the last business day preceding the 25th calendar day.
F.O.B. seller’s facility, Cushing, Oklahoma, at any pipeline or storage facility with pipeline access to TEPPCO, Cushing storage, or Equilon Pipeline Co., by in-tank transfer, in-line transfer, book-out, or inter-facility transfer (pumpover).
All deliveries are rateable over the course of the month and must be initiated on or after the first calendar day and completed by the last calendar day of the delivery month.
Alternate Delivery Procedure (ADP)
An Alternate Delivery Procedure is available to buyers and sellers who have been matched by the Exchange subsequent to the termination of trading in the spot month contract. If buyer and seller agree to consummate delivery under terms different from those prescribed in the contract specifications, they may proceed on that basis after submitting a notice of their intention to the Exchange.
Exchange of Futures for, or in Connection with, Physicals (EFP)
The commercial buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange. EFPs may be used to either initiate or liquidate a futures position.
Specific domestic crudes with 0.42% sulfur by weight or less, not less than 37¡ API gravity nor more than 42¡ API gravity. The following domestic crude streams are deliverable: West Texas Intermediate, Low Sweet Mix, New Mexican Sweet, North Texas Sweet, Oklahoma Sweet, South Texas Sweet. Specific foreign crudes of not less than 34¡ API nor more than 42¡ API. The following foreign streams are deliverable: U.K. Brent and Forties, and Norwegian Oseberg Blend, for which the seller shall receive a 30¢-per-barrel discount below the final settlement price; Nigerian Bonny Light and Colombian Cusiana are delivered at 15-cent premiums; and Nigerian Qua Iboe is delivered at a 5-cent premium.
Inspection shall be conducted in accordance with pipeline practices. A buyer or seller may appoint an inspector to inspect the quality of oil delivered. However, the buyer or seller who requests the inspection will bear its costs and will notify the other party of the transaction that the inspection will occur.
20,000 contracts for all months combined, but not to exceed 1,000 in the last three days of trading in the spot month or 10,000 in any one month.
Margins are required for open futures or short options positions. The margin requirement for an options purchaser will never exceed the premium.
Crude oil is the world’s most actively traded commodity. Over the past decade, the NYMEX Division light, sweet (low-sulfur) crude oil futures contract has become the world’s most liquid forum for crude oil trading, as well as the world’s largest-volume futures contract trading on a physical commodity. Because of its excellent liquidity and price transparency, the contract is used as a principal international pricing benchmark.
The contract’s delivery point is Cushing, Oklahoma, the nexus of spot market trading in the United States, which is also accessible to the international spot markets via pipelines. By providing for delivery of several grades of domestic and internationally traded foreign crudes, the futures contract is designed to serve the diverse needs of the physical market.
Light, sweet crudes are preferred by refiners because of their relatively high yields of high-value products such as gasoline, diesel fuel, heating oil, and jet fuel.
crude oil, oil, commodities, margin