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Why did the Saudis abandon the NYMEX oil futures contracts?

Posted Nov 1st 2009 1:40PM by Connie Madon (RSS feed)
Filed under: International Markets, Competitive Strategy, Indices, Commodities, Oil

Now here's a real important story. If you are an oil trader, chances are you traded the New York Mercantile Exchange West Texas Intermediate (WTI) contract. World pricing of oil by the biggest exporters was based on the WTI contract.

Now, suddenly, Saudi Arabia has decided to drop the WTI contract as the benchmark pricing unit for its oil. It is substituting a contract called the Argus Sour Crude Index, which will track the price in the physical market of a basket of U.S. gulf coast crudes, including Mars, Poseidon, and Southern Green Canyon.

Continue reading Why did the Saudis abandon the NYMEX oil futures contracts?

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