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.

Copyright (c) 2012 Dow Jones & Company, Inc.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Sr. Analyst - Mobile & Application Development
Expertise: IT - Programming & Database|IT - Software Development|Project Management
Location: Houston, TX
 
Project Controls Analyst
Expertise: Budget / Cost Control|Cost Engineer|Project Controls
Location: Houston, TX
 
Senior Project Manager - Chemicals
Expertise: Project Management
Location: Greenville, SC
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours