Sparked by the United States lifting a 40-year ban on crude oil exports in late 2015, the CME Group and Argus have both joined the U.S. Gulf Coast competition to provide contract deliverable oil futures to traders.

“It’s going to be a primarily commercial contract to start with – we’re seeing this as something that will be of interest to producers, exporters and importers,” said Owain Johnson, managing director of energy research at CME.

“The U.S. export market has needed an independent source of pricing to value light sweet crude exports...

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