WTI Crude Specifications to Change at End of the Year
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West Texas Intermediate crude specifications will change as early as the end of 2013 to ensure the quality of the oil in the world’s most actively traded energy contract, according to CME Group Inc.
The Crude Oil Quality Association, an industry group, recommended adjustments to the light, sweet crude benchmark in 2010 that will form the basis of the move, Damon Leavell, a CME spokesman in New York, said by phone today. CME plans to add to the contract requirements this year or next, he said. The association called for new guidelines on nickel, vanadium, micro-carbon residue, acid and distillation yields.