1. Exchange and contract object: The exchange of NYMEX crude oil futures contract is Chicago Mercantile Exchange (CME), and the contract object is West Texas light sweet crude oil (WTI). The exchange of Brent crude oil futures contract is London Intercontinental Exchange (ICE), and the target of the contract is Brent mixed crude oil, which is mainly produced in Britain and northern Europe.
2. Place of origin and delivery: NYMEX crude oil is mainly produced in the United States, Canada, Mexico and other North American regions. The main producing areas of Brent crude oil include North Sea, Africa, Middle East and South America. From the delivery point of view, NYMEX crude oil is mainly delivered in Cushing, Oklahoma, while Brent crude oil can be delivered in Europe or the North Sea.
3. Quality difference: NYMEX crude oil and Brent crude oil are different in quality. The API gravity of NYMEX crude oil is generally between 39.6 and 42.4 degrees, and the sulfur content is less than 0.42%, while that of Brent crude oil is generally between 38.0 and 38.3 degrees, and the sulfur content is usually around 0.37%. These differences may lead to their different treatment methods in the refining process.
4. Market participants and influence: NYMEX crude oil futures contracts are mainly influenced by the American market, while Brent crude oil futures contracts are influenced by the global market, especially in Europe and Asia. Therefore, Brent crude oil price is usually regarded as the benchmark price of the global crude oil market.
5. Price difference: Due to the above differences and the relationship between market supply and demand, the prices of NYMEX crude oil and Brent crude oil are usually different. Usually, the price of Brent crude oil will be higher than that of NYMEX crude oil, but this is not absolute, and the price difference between them may be affected by many factors.
In a word, NYMEX crude oil and Brent crude oil are both important international benchmark crude oil prices, but there are some differences between them, including exchanges, contract targets, places of origin and delivery, quality differences, market participants and prices. These differences may lead to their different positions and roles in the global crude oil market.