Newspaper article THE JOURNAL RECORD

Firms Discuss Opening Exchange in New York

Newspaper article THE JOURNAL RECORD

Firms Discuss Opening Exchange in New York

Article excerpt


NEW YORK (AP) - Oil traders might have two places to buy and sell crude oil futures in New York, if the Commodity Exchange Inc. and London's International Petroleum Exchange can agree on a deal now being discussed.

``We've been considering agreements with many exchanges, and now we're talking with the IPE about joint trading benefits,'' Commodity Exchange President David A. Halperin said in a statement.

Such a deal would likely involve the offering of a crude oil contract on the Commodity Exchange, according to an exchange official who would speak only on condition of anonymity. The official was not sure whether the Commodity Exchange would offer contracts for sweet crude oil or sour crude oil.

The Commodity Exchange now offers futures contracts in precious metals.

If it were to offer sweet crude oil contracts, that could put the Commodity Exchange in direct competition with the New York Mercantile Exchange, the world's largest crude oil market, which now offers futures contracts in light sweet crude oil.

If the Commodity Exchange were to offer contracts in sour crude, that could put it a step ahead of the Mercantile Exchange, which is now considering a sour crude contract.

Sweet crude has a low sulfur content and is most desirable, while sour crude has more sulfur and is more difficult to refine. …

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