What does NYMEX mean?
NYMEX stands for the New York Mercantile Exchange, a US-based futures market that specialises in physical commodities.
Does crude oil go bad?
Unprocessed crude oil is already several million years old, another year isn’t going to make it go bad. Refined products, such as gasoline can break down as lighter distillates evaporate.
When did crude oil become a valuable commodity?
When did oil become really valuable? Crude oil was a salable commodity in the 1870’s. It could be refined into kerosene for use as a lamp fuel and there were some early gasoline-fueled engines in use. But oil didn’t really take off until the early twentieth century.
What is the price of crude oil per barrel?
According to a January 2020 EIA report, the average price of Brent crude oil in 2019 was $64 per barrel compared to $71 per barrel in 2018. The average price of WTI crude oil was $57 per barrel in 2019 compared to $64 in 2018.