Brent Crude Oil – Last Day (Financial) futures are an outright crude oil contract between a buyer and seller. The contract is based on a light sweet North Sea crude oil that serves as an international benchmark grade, and it also trades as a differential to the bellwether light, sweet crude oil futures contract
Things to know:
About Brent Crude Oil
Brent blend production runs approximately 500,000 barrels a day. Most is refined in Northwest Europe, but significant volumes move to the U.S. Gulf and East Coasts and to the Mediterranean from the shipping terminal at Sullom Voe in the Shetland Islands. The producing companies trade most of the volume on a spot basis with virtually no formal term contracts.
Complementing the Brent crude oil futures contract are an options contract, calendar spread options contracts, and an options contract on the Brent/West Texas Intermediate crude oil spread.