Global Crude Benchmarks: Brent Sets the Standard A report by Energy Intelligence

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.

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Top 25 ICE Futures Contracts - During Asian Hours

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
  • Asian Hours: 8:00am SGT - 5:00pm SGT (1:00am – 10:00am UK, 8:00pm – 5:00am ET)

Top Performing ICE Contracts - YoY % Growth

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%
  • IFEU - ICE Futures Europe
  • IFLL - ICE Futures Europe - Financial Products Division
  • NDEX - ICE Endex Derivatives B.V
  • IFUS - ICE Futures US
  • IFLX - ICE Futures Europe - Agricultural Products Division
  • IFED - ICE Futures Energy Derivatives