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To name a specific contract in a financial futures market, the month code will follow the contract code, and in turn be followed by the year. For example, CLZ3 is the December 2023 NYMEX crude oil contract. CL denotes crude oil (crude light), Z corresponds to the December delivery month, and 3 refers to 2023.
Brent crude oil monthly forward contracts started trading in 1983 as "open" contracts, or contracts that specify delivery month but not the delivery date. From 1983 to 1985, these contracts were for 500,000 barrels of Brent Blend crude, and were increased to 600,000 barrels after 1985.
On April 20, the front month contract for WTI fell below zero, an unprecedented event. With the contract for May delivery expiring on April 21, the contract for June delivery became the new front month contract; on April 22 after settling at $13.78, WTI was the lowest since the 1990s. [14]
Involves gradual 28 month increase of "old" oil price ceilings, and slower rate of increase of "new" oil price ceilings. June 26–28 : OPEC raises prices average of 15 percent, effective July 1. October : Buy-Sell Program sales average more than 400,000 bbl/d (64,000 m 3 /d) from October 1979 through March 1980 - highest level since February ...
The Department of Energy has taken advantage of relatively low crude prices that are below the target price of $79.99 per barrel at which it wants to buy back oil after the 2022 SPR sale of 180 ...
West Texas Intermediate (WTI) is a grade or mix of crude oil; the term is also used to refer to the spot price, the futures price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the New York Mercantile Exchange (NYMEX). The WTI oil grade is also known as Texas light sweet.
The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
Sudan’s 17-month civil war has disrupted South Sudan’s oil industry, which the country’s economy relies on. Four months of work repairing the damaged infrastructure would allow the oil to ...
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