Known as "black gold" for centuries, crude oil prices are often used by speculators to assess the health of the global economy.
Crude oil futures, abbreviated as "OilFut" (short for "Oil Futures"), are the most important oil futures. There are 4 major crude oil futures contracts worldwide:
- Light sweet crude oil (i.e., "West Texas Intermediate" (WTI)) futures contract on the New York Mercantile Exchange (NYMEX);
- High-sulfur crude oil futures contract on the Dubai Mercantile Exchange;
- Brent crude oil futures contract on the Intercontinental Exchange (ICE) London (formerly the International Petroleum Exchange (IPE));
- Dubai sour crude oil futures contract on the Singapore Exchange (SGX).
Gasoline is a transparent petroleum-derived fuel, originally used for internal combustion engines. It is mainly composed of a mixture of organic compounds and some additives.
It is primarily traded on the Chicago Mercantile Exchange (CME), priced in US dollars per gallon.
Natural gas is a naturally occurring chemical fuel, now commonly used for cooking and electricity generation. Traded as a futures contract on the New York Mercantile Exchange (NYMEX) in the United States, each trading contract is valued at $100,000. Natural gas contracts are increasingly popular among hedging assets and pension funds for diversifying their investment portfolios.
Heating oil is a low-viscosity liquefied petroleum product used as fuel. Its name derives from its most common use: heating in buildings and households. Heating oil futures contracts are traded on the Chicago Mercantile Exchange (CME), with a trading unit of 1,000 barrels, and are settled based on delivery conditions at the New York Harbor.
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