Continuing to the report of Global Crude Benchmarks: Brent Sets the Standard from Energy Intelligence, part two of the series delves into why the world needs benchmarks and what characteristics they obtain (read part 1).
Refiners need meaningful price signals to quickly assess the value of a crude. Those signals come from the oil spot market where around 40 million barrels move around every day. Over time, Brent in the North Sea evolved as the global benchmark — the oil price for all to see. Brent is “the price of oil.” It is the Brent price that allows other grades in various regions to determine their own value quickly, based on price relationships that different grades have established over time.
Read full report| Product Description | Exchange Code | ADV for Asian Hours | Total ADV |
|---|---|---|---|
| Three Month Sterling Future | IFLL | 163,335 | 581,575 |
| ICE Brent Crude Futures | IFEU | 138,372 | 649,920 |
| Three Month Euro (Euribor) Future | IFLL | 120,255 | 497,135 |
| Low Sulphur Gasoil Futures | IFEU | 49,674 | 222,711 |
| FTSE 100 - Stnd Index Future | IFLL | 48,952 | 185,941 |
| Long Gilt Future | IFLL | 40,718 | 192,975 |
| MSCI Emerging Markets Index Futures | IFUS | 20,129 | 241,205 |
| Dutch TTF Gas Base Load Futures | NDEX | 19,083 | 120,276 |
| ICE WTI Crude Futures | IFEU | 16,971 | 132,225 |
| Singapore Gasoil (Platts) Futures | IFEU | 13,187 | 19,086 |
| EUA Futures | IFEU | 10,663 | 38,519 |
| Dubai 1st Line Futures | IFEU | 9,983 | 15,961 |
| Dutch TTF Gas Spot | NDEX | 9,525 | 20,312 |
| Three Month SONIA | IFLL | 7,854 | 58,326 |
| ICE Brent Crude Futures Settlement | IFEU | 6,810 | 36,743 |
| NYBOT Sugar No. 11 | IFUS | 6,800 | 74,124 |
| Natural Gas NYMEX LD1 Futures | IFED | 6,425 | 382,009 |
| NYBOT US Dollar Index | IFUS | 5,882 | 27,998 |
| MSCI Europe NTR (USD) - Stnd Index Future | IFLL | 4,831 | 4,831 |
| MSCI All Country World Net Total Return (NTR) Index Futures | IFUS | 4,683 | 5,161 |
| ICE UK Natural Gas Futures | IFEU | 4,540 | 30,076 |
| Three Month Euroswiss Future | IFLL | 4,062 | 14,556 |
| MSCI Emerging Markets Asia Net Total Return (NTR) Index Futures | IFUS | 4,012 | 5,451 |
| ICE Heating Oil Futures | IFEU | 3,887 | 121,679 |
| Singapore Mogas 92 Unleaded (Platts) Futures | IFEU | 3,696 | 7,458 |
| Product Description | Exchange Code | ADV | Last Year | YoY% |
|---|---|---|---|---|
| ICE Brent Crude Futures | IFEU | 649,920 | 641,200 | 1.36% |
| Three Month Sterling Future | IFLL | 581,575 | 574,081 | 1.31% |
| Three Month Euro (Euribor) Future | IFLL | 497,135 | 537,316 | -7.48% |
| Natural Gas NYMEX LD1 Futures | IFED | 382,009 | 318,924 | 19.78% |
| Firm-LD Around The Clock | OTC | 356,482 | 101,151 | 252.42% |
| MSCI Emerging Markets Index Futures | IFUS | 241,205 | 276,133 | -12.65% |
| Natural Gas Firm Physical, Gas Daily Daily | OTC | 226,805 | 220,708 | 2.76% |
| Low Sulphur Gasoil Futures | IFEU | 222,711 | 253,712 | -12.22% |
| Long Gilt Future | IFLL | 192,975 | 156,900 | 22.99% |
| FTSE 100 - Stnd Index Future | IFLL | 185,941 | 209,168 | -11.10% |
| Natural Gas Firm Physical, Fixed Price | OTC | 142,490 | 169,552 | -15.96% |
| ICE WTI Crude Futures | IFEU | 132,225 | 170,486 | -22.44% |
| NGX NG Firm Phys FUT, Fixed Price | OTC | 123,514 | 191,093 | -35.36% |
| ICE Heating Oil Futures | IFEU | 121,679 | 92,342 | 31.77% |
| Dutch TTF Gas Base Load Futures | NDEX | 120,276 | 77,095 | 56.01% |
| Firm-LD Off-Peak, LD1 for Physical | OTC | 118,427 | 105,637 | 12.11% |
| Firm-LD Peak, LD1 for Physical | OTC | 91,927 | 158,876 | -42.14% |
| NGX NG Firm Phys FUT, 7A Month Ahead Index | OTC | 89,702 | 61,569 | 45.69% |
| ICE NYH (RBOB) Gasoline Futures | IFEU | 83,487 | 47,048 | 77.45% |
| MSCI EAFE Index Futures | IFUS | 75,963 | 72,149 | 5.29% |
| NGX NG Firm Phys FUT NYMEX LD1 | OTC | 74,295 | 103,944 | -28.52% |
| NYBOT Sugar No. 11 | IFUS | 74,124 | 110,541 | -32.94% |
| Natural Gas Firm Physical, Inside FERC | OTC | 67,598 | 63,916 | 5.76% |
| Natural Gas Basis NYMEX LD1 for Inside FERC Futures | IFED | 65,284 | 79,002 | -17.36% |
| Three Month SONIA | IFLL | 58,326 | 8,115 | 618.78% |