Tuesday, October 27, 2020

Cme Group News

CME Adds Two Delivery Points to WTI Houston

Photo: CME Group

CME Group on Thursday said it would add two more delivery points for its WTI Houston crude futures contract, pending regulatory review, as it seeks to provide customers with additional options to hedge physical price risk.* Beginning with the March 2020 contract, customers can take delivery of U.S.

Rising U.S. Shale Exports Turn WTI into 24-hour Benchmark -CME

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Rising U.S. crude oil exports to Europe and Asia have had a knock-on effect in the futures market, turning the U.S. West Texas Intermediate contract into a near-24 hour benchmark, exchange operator CME Group said. Owain Johnson, managing director for energy research and development at CME…

Cushing's Market Clout Wanes Amid U.S. Crude Export Boom

File Image (CREDIT: AdobeStock / © mikesjc)

The volume of oil sitting in 300 steel tanks in a nine-square-mile radius in Cushing, Oklahoma has long been a key barometer for the health of U.S. crude supply and the nation's benchmark for daily trading of billions of dollars in the commodity. But those tanks could soon drain to levels near effectively empty…

US Oil Industry Set to Break Record, Upend Global Trade

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Surging shale production is poised to push U.S. oil output to more than 10 million barrels per day - toppling a record set in 1970 and crossing a threshold few could have imagined even a decade ago. And this new record, expected within days, likely won't last long. The U.S.

Oil Steadies Ahead of OPEC Meeting

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U.S. output may rise more than rig count suggests - Westwood. Oil prices were only slightly firmer on Tuesday as traders looked ahead to a meeting next week at which major crude exporters are expected to extend production cuts but the prospect of rising U.S. output capped gains.

Matrix Global Plans U.S. Crude Storage Deal

FileImage: a Very Large Crude Carrier underway (CREDIT: EuroNav)

Matrix plans sweet crude storage futures at LOOP. Matrix Global Holdings is planning to start up an oil storage futures contract for low-sulphur crude oil that will enable companies to build up supplies for export cargoes, as Asia looks for more crude imports from the United States.

Limits of Analysis on Commitments of Traders: Kemp

Futures and options markets play an increasingly important role in pricing crude oil but little is known about the identity and behaviour of market participants or their impact on prices. The only comprehensive information on traders’ positions regularly…

China Sets Sights on Oil Benchmark

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China has opened more than 6,000 trading accounts for its long-awaited crude futures contract - with three-quarters coming from individual traders - as it pushes ahead with plans to compete with global pricing benchmarks. China's oil majors and about 150 brokerages have also registered…

Asia Demand, Hedging Boosts Trading in Forward U.S. Oil Contracts

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Trading volumes and open interest in U.S. crude futures soared in 2016, particularly among buyers out of Asia and shale companies locking in output, both of whom have shown an affinity for far-dated contracts, the CME Group Inc said on Thursday. NYMEX light…

ICE to Offer First US Gulf Coast LNG Futures Contract

With the United States about to become a net exporter of natural gas for the first time in 60 years, Intercontinental Exchange Inc said on Wednesday it would begin trading the first-ever U.S. liquefied natural gas futures contract in May. ICE said the contracts…

China's Crude Oil Futures Dilemma - Control or Success?

The quiet demise of China's plans to launch a new crude oil futures contract shows the innate conflict of wanting the financial clout that comes with being the world's biggest commodity buyer, but also seeking to control the market. It has been a long-standing…

Bytes and Barrels: the origins of oil traders' love of Yahoo

For the oil industry, Yahoo Inc's decision this week to sell its core business to Verizon Communications Inc for $4.8 billion does not matter all that much. Their world already changed a few months ago, when the company said it would jettison its messaging…

Former Delta fuel executive, Wife Banned by CME

CME Group on Monday banned a former Delta Air Lines fuel trading executive for using his wife's accounts to "front-run" the airline's hedging positions - trades that netted him a profit of more than $3 million. Jon Ruggles was banned by the financial exchange operator…

Chevron's Gorgon LNG to Push Asian Spot Trading

Chevron has started up its massive Gorgon LNG project in Australia and will soon be shipping more of the super-chilled fuel into an oversupplied market, eroding producer revenues but also likely hastening the advent of a liquid Asian spot market. The $54 billion project…

Trafigura's First Singapore LNG Derivatives Deal

Singapore Exchange said on Monday that European trading house Trafigura and locally based Pavilion Gas made the first trade of a just-launched derivatives contract for liquefied natural gas (LNG). The transaction, worth some $50,000, was based on Singapore's…

Oil Near 11-year Lows on Supply, Demand

Saudi budget signals no change to oil policy; Iran on track to raise supply in 2016. Oil prices steadied not far off their 11-year lows on Tuesday, under pressure from slowing global demand and abundant supplies, with Saudi Arabia signalling no change to its oil policies and Iran preparing to ramp up exports.

CFTC Charges Chicago Trader with "spoofing" Futures

U.S. derivatives regulators charged a Chicago-based trader and his firm on Monday with using a manipulative trading tactic known as "spoofing" in the futures market across four different exchanges. The Commodity Futures Trading Commission, in a civil lawsuit…

Baltic Exchange Eyes Move into Commodities

Baltex reaches breakeven level since start of 2015; Baltic previously faced broker opposition over platform. London's Baltic Exchange is studying a potential foray into commodities and is open to proposals on tie-ups as other exchanges attempt to boost volumes, its chief executive said.

Tank Tops? Cushing Isn't the Whole Oil Market: Kemp

Traders do not appear worried that rising oil stocks in the United States will cause storage space to run out in the next few months, despite the rapid accumulation of inventories at Cushing in Oklahoma. The term structure of futures contracts has remained…

CME Group Launches European Natural Gas Contracts

The world's largest futures market operator, CME Group Inc. has launched six European natural gas cleared futures contracts which will be listed on its CME Europe exchange from February 2. The contracts are all financially settled and include a British NBP natural gas daily future…