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. Last Updated: 07/27/2016

Slow U.S. Debut for Ural Futures

The New York Mercantile Exchange, the world's largest energy futures marketplace, may see lack of demand for a new Russian crude oil contract offered on the Globex electronic trading system, some traders said.

Nymex began trading Urals blend crude oil, or Rebco, in New York on Monday evening. Each contract is for 1,000 barrels of oil on a free-on-board basis at the Baltic Sea port of Primorsk, according to the exchange's web site. So far, the contract had not traded, Nymex spokeswoman Anu Ahluwalia said by e-mail Tuesday from New York.

"Americans don't know much about this contract and are mostly interested in West Texas Intermediate oil futures,'' Dmitry Chumakov, a commodity futures trader at the Invar Group, said from Ivanovo. "Russians may have no interest because of the contract's low liquidity on the exchange."

The Rebco contract has prices designated in U.S. dollars per barrel, Nymex said. The exchange will list contracts for 72 months, beginning with January 2007.