Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

ICE Futures Europe to Introduce Brent NX Crude Futures on Dec. 5

Nov. 7 (Bloomberg) -- ICE Futures Europe will introduce a Brent New Expiry, or Brent NX, contract on Dec. 5 to match changes made to the benchmark North Sea Dated Brent assessment by Platts, the exchange said.

The first New Expiry futures and options will be for December 2012 and will trade alongside current Brent contracts, the European unit of Atlanta-based IntercontinentalExchange Inc. said today in a statement following a three-week consultation with market participants.

“The Brent NX contracts are designed to meet customer’s global crude oil hedging needs and will help to ensure that the international growth in the use of Brent continues,” said David Peniket, president of ICE Futures Europe.

Platts, the energy news and pricing arm of McGraw-Hill Cos., announced on Sept. 16 that it will lengthen the date range for its Dated Brent assessment to 10 to 25 days forward from 10 to 21 days starting Jan. 6. The benchmark is used to price more than half the world’s oil.

The expiry of ICE Brent NX will align the futures market with forward markets and Dated Brent, the bourse said. The exchange will work with its members to migrate open positions for the December 2012 contract and beyond “to facilitate an orderly transition of open positions,” ICE said.

Platts said the changes may increase the number of cargoes delivered against Dated Brent and boost trading activity, or liquidity. Brent, Forties, Oseberg and Ekofisk blends, known collectively as BFOE, are used to price the benchmark.

To contact the reporter on this story: Lananh Nguyen in London at lnguyen35@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.