What Are Brent Oil Futures?
U.S. investors seeking exposure to Brent oil prices have the option of utilizing futures contracts. There are multiple Brent oil futures traded on the NYMEX, including the Brent Crude Oil Last Day Financial Futures and Brent Crude Oil Penultimate Financial Futures. Both contracts represent 1,000 barrels, and utilize a floating price equal to the ICE Brent Crude Oil Index price as published one day after the final trading day of the contract month.
Brent futures also trade on the ICE, where the contract is a deliverable contract based on EFP delivery with an option to cash settle. Those contracts are listed for a maximum of 72 consecutive months, with 6 contract months comprising of June and December contracts listed for an additional three calendar years. Twelve additional contract months will be added each year on the expiry of the prompt December contract month.