Nov. 21 (Bloomberg) -- The New York Mercantile Exchange will introduce a Brent crude oil contract on Dec. 12 to match changes made to the benchmark North Sea Dated Brent assessment by Platts, CME Group Inc. said.
The first listed month for the Nymex Brent 25-Day futures and options contract will be February 2012, the exchange said today in an e-mailed statement.
“Our new NYMEX Brent 25-Day contracts will offer customers a critical hedging solution to manage their price risk, at a time when the Brent market is undergoing a significant transformation,” said Gary Morsches, managing director of Energy Products at the group.
Earlier this month, ICE Futures Europe said it will start trades of a Brent New Expiry, or Brent NX, contract on Dec. 5.
Platts, the energy news and pricing arm of McGraw-Hill Cos., announced 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.
Platts said the changes may increase the number of cargoes delivered against Dated Brent and boost trading volumes, or liquidity. Brent, Forties, Oseberg and Ekofisk blends, known collectively as BFOE, are used to price the benchmark.
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