Nymex WTI screen volumes up but ICE contract not suffering
Volume in the physically settled WTI crude contract launched
by New York Mercantile Exchange (Nymex) has improved steadily
since launch on 5 September, breaking the 100,000 contract mark
within a week. However, some trading sources have begun to give
Nymex's rival, Intercontinental Exchange (ICE)'s ICE Futures
subsidiary, genuine chances of success in the crude oil
"After about three months the bid and offer on the ICE
contract was tighter than on the Nymex floor," a senior FCM oil
trading source said. "The situation to me looks as though it's
getting worse: there are wider spreads on the Nymex floor? and
more reliable pricing on the ICE screen."
Nymex announced on 12 September that it set daily volume
records for total crude oil, heating oil and E-miny crude oil
futures contracts, traded on Chicago Mercantile Exchange's
Globex electronic trading platform.
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