New Brent futures to bridge India’s global oil pricing gap

Mumbai: The National Stock Exchange (NSE) is set to launch a new crude oil futures contract linked to global benchmark prices from April 13, in a move aimed at strengthening India’s commodity derivatives market.

The exchange said it will introduce Dated Brent Crude Oil (Platts) futures in its commodity derivatives segment after receiving approval from the Securities and Exchange Board of India (SEBI).

The new contract will be based on the S&P Global Energy (Platts) Dated Brent assessment, which is widely used across the world as a benchmark to track physical crude oil prices.

It will be traded under the symbol BRCRUDEOIL, with contracts available on a monthly basis. Trading in these futures will take place from Monday to Friday between 9:00 am and 11:30 pm or 11:55 pm, depending on US daylight saving time.

The contracts will be cash-settled, meaning traders will not have to deal with the physical delivery of crude oil.

The final settlement price will be calculated using the monthly average of Platts Dated Brent prices.