By Sally Clubley
Buying and selling in oil futures and innovations is an creation to cost chance administration within the world wide oil undefined. With various sensible examples, it calls for no previous wisdom and will be learn via every person taken with the undefined.
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Extra resources for Trading in oil futures and options
The succes s of the approac h won over the other markets , however , and the idea was adopte d more aggressively , and even more successfully , by the London Internationa l Financia l Futures Exchang e a few months later. N Y M E X l e a d e d g a s o l i n e contract Having establishe d a solid trading base , both exchange s were well placed to introduc e further contracts . The NYMEX was the first to take the plunge , introducin g a leaded regula r gasolin e contrac t in late 1982. The contrac t was reasonabl y successful , growing quite well althoug h it remaine d less active than heating oil until it cease d trading (having been replace d with an unleade d gasolin e contract ) in 1986.
This tendenc y is unlikely to change , for the reason s given earlier, excep t when occasiona l externa l factors , such as suddenl y increase d electricit y deman d in nonnatura l gas areas , alter the balance . The increas e in fuel oil crackin g has led to some respit e for fuel oil, but this is likely to alter again as crackin g efficienc y increase s and technolog y improves . Until the early 1960s the major oil companie s owned and ran 22 OIL R E F I N I N G virtually all of the world's oil refineries , which were largely locate d in areas convenien t to the market s for their products .
This has led to a very much more active crude oil spot market , with a much larger numbe r of participant s than in Europe , where the financia l commitmen t is so great as to deter all but the larges t companie s and traders . Price differential s have existe d betwee n Europe and the US for a numbe r of reasons , one of the most importan t being the cheap domesti c crude . Although only Saudi Arabia produce s more crude oil, the US governmen t forbids crude oil export s (with some minor exceptions ) and the countr y has never been a major force as a 36 THE MARKETS produce r in the oil markets .
Trading in oil futures and options by Sally Clubley