Crude Oil futures prices change in response to new information, and reflect the adjustments being made to previous and prospective expectations based on reports and supply. Price shocks to futures prices can occur rapidly – by the minute or the hour – as events change in oil-producing nations.
Crude oil futures began trading on the NYMEX in 1983. Crude is the most actively-traded energy futures product in the world. It’s the most liquid global energy benchmark, trading nearly 850,000 futures and options contracts daily. Open Interest in crude oil exceeds three million lots – equal to more than three billion barrels. During the last major oil rally in 2009-2010, the futures contract gained 100 percent in a year.
Crude oil is a commodity pumped from the ground in the Middle East. Petroleum products include transportation fuels, fuel oils for heating and electricity generation, asphalt and road oil, and the feeds tocks used to make chemicals, plastics, and synthetic materials found in nearly everything used in most nations today. Oil products include Brent light crude oil and types such as light, heavy, sweet and sour. The world market trades mainly light, sweet crude oil futures because the product requires less refinement.
You can learn more about Energies futures by downloading our guide, Free Fundamentals of Trading Energies Futures.
|Contract Symbol||Contract Unit||Price Quotation|
|GCL||1,000 barrels||dollars per barrel|
|Trading Exchange||Trading Hours||Tick Value|
|CME GLOBEX||18:00 - 17:15||$0.01/barrel|