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.

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Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours