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BRENT - 93 (+11% today)
——
Additional information for everyone:
There are two main benchmark crude oils (benchmark crude oil) in the world:
• WTI (West Texas Intermediate) - extracted in the US, the pricing benchmark for the North American market.
• Brent - extracted in the North Sea (Norway, UK), the global price benchmark for the rest of the world.
There are also other types of oil (Dubai, Oman, Urals, ESPO, Maya…), but almost all are priced based on Brent, with a discount (discount) or a premium (premium) added to Brent.
The largest liquidity market for WTI is CME (NYMEX).
• Total Open Interest (OI) of all contracts (excluding options): about 2.3 million contracts
(1 contract = 1,000 barrels of oil) → approximately $210 billion (based on ~$90/barrel).
• Average daily trading volume
(for the most liquid contract this week: Apr 26 – CLJ6):
about 700,000 – 750,000 contracts/day → equivalent to $64 – 68 billion per day.
WTI is almost always cheaper than Brent (due to higher transportation costs from US domestic oil fields to the market), but its volatility is higher.
On April 20, 2020, the WTI futures contract plummeted to -37.63 USD/barrel (negative price), while Brent only dropped to 9.12 USD/barrel.
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