Nymex may extend trading hours

27/04/2009

Authorities at the New York Mercantile Exchange (Nymex) are deliberating whether to extend trading on commodities such as crude, heating oil and gasoline.

Unnamed traders have told Reuters that the trading deadline may be extended by 45 minutes, taking the closing time to 15:15 Eastern Time.

The news agency reports that the current price settling methodology - using an average of the prices of trades completed in the last two minutes of activity - will be carried over if a new deadline is introduced.

Platts is also thought to be in cooperation with Nymex officials as it draws up a new spot-price methodology for crude trading on the bourse.

In addition to crude and heating oil, the Nymex also provides a trading platform for natural gas, gasoline and Brent crude, in addition to a number of precious metals.

The exchange opens early for electronic trading carried out by key eastern exchanges such as those in Singapore, Tokyo and Sydney.