Globex Failure Throws Oil-Futures Market Into Confusion
Crude futures settled higher Monday in a chaotic trading session as a failure of CME Group's Inc.'s Globex electronic oil-trading platform shut out scores of traders and forced all trading onto the New York Mercantile Exchange floor.
Brokers on the Nymex floor rushed into the normally sleepy oil-futures pit in the final half-hour of trading to execute orders that couldn't be completed electronically.
Light, sweet crude for March delivery settled $2.24, or 2.3%, higher at $100.91 a barrel on the Nymex. The settlement price was calculated using only the trades executed on the Nymex floor, a CME spokeswoman said.
Before the Globex failure, prices were trading near $100.50 a barrel. The settlement was close to the highest price of the session.
Brent crude on the ICE futures exchange was recently down 16 cents at $117.45 a barrel.
Front-month March reformulated gasoline blendstock, or RBOB, settled 3.76 cents, or 1.3%, higher at $3.0125 a gallon. March heating oil settled 2.21 cents, or 0.7%, lower at $3.1600 a gallon.
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