The CME Group Inc (CME.O) launched its Gulf Coast Sour Crude Oil <0#BMM:> futures contract on Monday, aiming to capitalize on Saudi Arabia's sudden shift to a new sour crude benchmark for its U.S. sales.
While the new contract had yet to attract any trades by midday, it may ultimately fare better than past failed efforts to launch a U.S. sour contract after years of mounting frustration with volatility in the long-standing global benchmark NYMEX West Texas Intermediate.
"Our colleagues have been working with customers and clearing firms this morning to set up for trading, so we are seeing customer interest," Mary Haffenberg, CME Group's associate director of corporate communications said in an email.
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