CME and NYMEX losing WTI as the benchmark for crude oil trading?

CME and NYMEX losing WTI as the benchmark for crude oil trading?

CME and NYMEX losing WTI as the benchmark for crude oil trading?

http://tonto.eia.doe.gov/dnav/pet/pet_pri_spt_s1_d.htm

Recent events such as volatile price movements, widely unregulated speculation and competition from the International Continental Exchange (ICE) and commodity and exchange-traded funds (ETF’s) have largely tapped into the MYMEX’s long reign as the premier exchange for what is considered the most liquid oil commodity: West Texas Intermediate (WTI) Light Sweet Crude Oil Futures Contracts.

http://www.cmegroup.com/education/events/forms/understanding_the_global_crude_oil_benchmark.html

NEW YORK, (Reuters) – U.S. cash crude differentials edged higher Monday, reversing some of their losses from the last trading session on Thursday, as spreads weakened and the price of front-month futures plunged.

Light Louisiana Sweet rose 20 cents to $3.55 a barrel over West Texas Intermediate. Poseidon sour rose 40 cents to $1.80 below WTI.

On futures markets, May WTI fell $2.24 cents to $50 a barrel in after-market trade. May Brent fell $1.88 to $52.18, leaving WTI at a $2.18 a barrel discount to Europe’s Brent, up from a $1.97 a barrel discount last Thursday.

Oil futures fell after the International Energy Agency cut its forecast for oil demand in 2009, saying it may fall by 2.4 million barrels per day this year compared with 2008.

The May-June WTI spread widened to -$3.07 from -$2.50 a barrel during the last trading session.

A weakening of the WTI front-month contract and a widening discount for WTI against Brent usually lead to stronger cash crude differentials.

Product by Area
04/06/09 04/07/09 04/08/09 04/09/09 04/13/09 04/14/09 View
History

Crude Oil

WTI – Cushing, Oklahoma
51.1 49.13 49.37 52.24 50.22 49.51 1986-2009

Brent – Europe

50.91 50.62 52.06 52.33 50.73 52.06 1987-2009