New York Mercantile Exchange (NYMEX)

Definition

The term New York Mercantile Exchange refers to a market where buyers and sellers can negotiate and enter into commodity futures contracts. NYMEX is located in Battery Park, which is a section of Manhattan.

Explanation

Also referred to as the New York Mercantile Exchange, NYMEX is a commodity futures exchange operated by CME Group. Founded in 1882, NYMEX is headquartered in New York City, with additional locations in Atlanta, Boston, Dubai, London, San Francisco, Tokyo and Washington.

The New York Mercantile Exchange facilitates transactions involving both floor and electronic trading of commodity futures, including:

  • Energy products such as 1% and 3% fuel oil, propane, benzene, naphtha low sulphur gas oil, jet kerosene, gasoline, heavy crude, light sweet oil, sour crude, coal, ethanol, biodiesel, and crude oil
  • Electricity products such as MW futures, off-peak calendar day futures, and pool peak futures
  • Natural gas futures, including basis, index, fixed price, and swing contracts
  • Emissions products such as California carbon futures
  • Agricultural offerings such as cocoa, coffee, cotton as well as metals such as iron ore

Trading of bilateral agreements occurs 24 hours a day, except during maintenance windows which typically occur during weekdays from around 6:05 p.m. through 6:55 p.m. Eastern Time and weekends from Friday at 6:05 p.m. through Sunday 5:00 p.m. Eastern Time.

Related Terms

Intercontinental Exchange, COMEX, Chicago Board of Trade