I just want to record here a statistical fact so I won't forget it down the road.
I wrote a story recently for AllAboutAlpha concerning the different prices of "Brent crude" and WTI crude. Brent crude is sold through ICE Futures Europe: WTI through Nymex.
Incidental to that story, I also referred to the fact that quantities of Brent crude oil are defined in "cargoes." I didn't answer the question: how many barrels in a "cargo"?Anyway, I'll do so here. Cargo size [600,000 barrels (95,000 cubic meter)]
- The ICE Futures Europe symbol for Brent crude futures is B, also traded on the NYMEX, with the symbol BZ.
- It was originally traded on the open outcry International Petroleum Exchange in London, but since 2005 has been traded on the electronic Intercontinental Exchange, known as ICE.
- One contract equals 1,000 barrels (159 m3).
- Contracts are quoted in U.S. dollars