CHICAGO, Oct. 28, 2013 /PRNewswire/— The current energy renaissance in North America is marked by significant improvements in the production and distribution of crude oil.
Major investments in U.S. infrastructure and the increased production of domestic crude oil are pushing the U.S. closer to energy self-sufficiency—imports of foreign oil have decreased, while exports of refined products have increased. The long-term investment by rail companies is just one of many signs that the predictions of sustained crude oil growth in North America are likely to come true. Within the next few months, the Seaway pipeline looping will double capacity from 400,000 BPD to 800,000 BPD, and the southern leg of the Keystone pipeline is scheduled for completion, adding an additional 600kbd. This will mean an extra one million barrels per day flowing out of Cushing, Oklahoma to the Gulf of Mexico. We continue to see a shrinking spread between West Texas Intermediate (WTI) and the North Sea Brent contract, and expect that with the continued growth in North American production, WTI will return to trading at a premium to Brent.
These and other factors are outlined in an infographic and Open Marketsblog post looking at the U.S. oil boom. As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk.
CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago.
CME Group also operates CME Clearing, one of the world’s leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk. CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc.
CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc.
NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc.
COMEX is a trademark of Commodity Exchange, Inc.
KCBOT, KCBT and Kansas City Board of Trade are trademarks of The Board of Trade of Kansas City, Missouri, Inc.
All other trademarks are the property of their respective owners.
Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.
SOURCE CME Group
PR Newswire is the leading global provider of marketing and communications solutions that let you optimize and distribute multimedia content to actively engage all key audiences, across all traditional, digital, social and mobile channels, anywhere in the world.
More International Trade
US warns of sanctions risk as Pakistan inks deals with Iran
The US has warned of sanctions risks for Pakistan after the government in Islamabad signed security and economic deals with Iran during a visit by President Ebrahim Raisi to the…
Iron ore rises to seven-week high on Fortescue view, China hopes
Iron ore climbed to the highest level in seven weeks as Fortescue Ltd., the fourth-biggest producer, said full-year shipments are likely to be at the lower end of guidance after…
US orders for business equipment tick up after downward revision
Orders placed with US factories for business equipment rose modestly in March, indicating firms are cautious about demand prospects and tempering investment.
EU opens investigation into China’s medical device procurement
The European Union launched an investigation into China’s medical device procurement, as the bloc seeks to address concerns that Beijing’s policies unfairly favor domestic suppliers.
Brazil joins protectionist wave in face of cheap steel imports
Brazil is stepping up protections for its steelmakers amid an influx of cheap imports led by China, by imposing an import quota system on 11 types of alloy products.
