Definition
The term New York Mercantile Exchange refers to a market where buyers and sellers can negotiate and enter into commodity futures contracts. NYMEX is located in Battery Park, which is a section of Manhattan.
Explanation
Also referred to as the New York Mercantile Exchange, NYMEX is a commodity futures exchange operated by CME Group. Founded in 1882, NYMEX is headquartered in New York City, with additional locations in Atlanta, Boston, Dubai, London, San Francisco, Tokyo and Washington.
The New York Mercantile Exchange facilitates transactions involving both floor and electronic trading of commodity futures, including:
Energy products such as 1% and 3% fuel oil, propane, benzene, naphtha low sulphur gas oil, jet kerosene, gasoline, heavy crude, light sweet oil, sour crude, coal, ethanol, biodiesel, and crude oil
Electricity products such as MW futures, off-peak calendar day futures, and pool peak futures
Natural gas futures, including basis, index, fixed price, and swing contracts
Emissions products such as California carbon futures
Agricultural offerings such as cocoa, coffee, cotton as well as metals such as iron ore
Trading of bilateral agreements occurs 24 hours a day, except during maintenance windows which typically occur during weekdays from around 6:05 p.m. through 6:55 p.m. Eastern Time and weekends from Friday at 6:05 p.m. through Sunday 5:00 p.m. Eastern Time.
Related Terms
Intercontinental Exchange, COMEX, Chicago Board of Trade
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