ABCs of terms used in crude oil industry

CHEN HUIFEN explains what they mean as crude oil movements affect one and all

CRUDE oil prices continue to stay strong last week, after breaching US$90 earlier this month. In the previous instalment of Young Investors’ Forum, we discussed the basics of crude oil and why it has an influence over world economics. This week, we take a closer look at the terms used in the industry and what they actually mean.
Nymex: Nymex stands for the New York Mercantile Exchange. It is the world’s largest energy futures market. Apart from crude oil and other energy products, the platform also offers other types of commodity futures, such as precious metals.

WTI: West Texas Intermediate is the name of the light crude oil grade. As it has a lower sulphur content, it is less expensive to refine into products. It is one of the most actively traded futures commodities on Nymex. Also, known as Texas light sweet. It is often used as a benchmark for crude oil prices

The Business Times Singapore