IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced the introduction of the first Brent Crude cracks to U.S.-refined products on ICE Futures Europe. The new contracts, available for trading today, are:
- ICE Heating Oil vs ICE Brent Futures Crack Spread
- ICE RBOB Gasoline vs ICE Brent Futures Crack Spread
ICE Futures Europe is launching these ICE Brent-based cracks to U.S.-refined products in response to requests from U.S.-based market participants who require a tradable crack relationship to the global Brent Crude benchmark.
Brent is the most widely used contract for pricing global crude, including grades in Africa, the Middle East and Asia. Product cracks expressed against Brent for hedging and trading physical crude are widely used outside North America. The two new Brent-based cracks make it possible to effectively align U.S.-refined product pricing with the benchmark that best represents the global price of crude oil for refiners, traders and hedgers.
