Contract Specs:Ticker Symbol: CLExchange: NYMEXTrading Hours: 9:00 AM – 2:30 PM EST.Contract Size: 1,000 U.S. barrels (42,000 gallons).Contract Months: all months(Jan. – Dec.) Price Quote: price per barrel. Ex $65.50 per barrelTick Size: $0.01 (1¢) per barrel ($10.00 per contract).Last Trading Day: Third business day prior to the 25th calendar day of the month preceding the delivery month. Fundamentals:
Light Sweet is traded on the New York Mercantile Exchange(NYMEX). “Light Sweet” is the most popular grade of that is traded. Another grade of oil is Brent Crude, which is primarily traded in London.
is the raw material that is refined to produce gasoline, heating oil, diesel, jetfuel and many other petrochemicals.
Russia, Saudi Arabia, and the United States are the world’s three largest oil producers.
When is refined, or processed, it takes about 3 barrels of oil to produce 2 barrels of unleaded gas and 1 barrel of heating oil. Reports:
The main reports for are the EIA Weekly Energy Stocks report. This report is released every Wednesday around 10:30 PM EST.Tips on Trading Futures:The prices of unleaded gas and heating oil can influence the price of .
Demand is generally highest during the summer and winter months. A very hot summer or very active driving season (for summer vacations)can increase the demand for and cause prices to move higher.
An extremely cold winter causes higher demand for heating oil, which is made from . This usually cause prices to move higher.Watch the weather in the Northeast, since it is the part of the country that predominately uses heating oil.
Watch for oil production cuts or increases from OPE
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