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4 MARCH 2016 | FUEL OIL NEWS | www.fueloilnews.com DATELINE BREAKING NEWS or price determination in a marketplace of buyers and sellers. Two of the most important crude oil futures benchmarks are Brent, which trades on the Intercontinental Exchange in London, and West Texas Intermediate, which trades on the New York Mercantile Exchange in New York. Both futures con- tracts have an underlying physical crude oil trade basis: cargoes of North Sea Brent, Forties, Oseberg, Ekofisk crude oils for the Brent contract and crude oil deliveries to the crude oil storage hub of Cushing, Oklahoma for WTI. The changing of the expiration date of the Brent futures con- tract is intended to better align the timing of when BFOE cargoes are bought, sold, and loaded onto tankers. The difference between Brent and CALENDAR OF EVENTS MARCH 2016 M-PACT March 22-24 Marriott Downtown Indianapolis Indianapolis. IN Information: Andrew Pulliam 859.219.3515/ andrew.pulliam@kpma.org PGANE 2016 Spring Meeting March 30- 31Renaissance Hotel Providence, RI Information: 888-445-1075 APRIL 2016 NPGA Southeastern Convention & International Propane Expo April 8-10 Music City Center Nashville, TN Tel: 1-202-466-7200 Email: registration@npga.org Information: www.npgaexpo.com/ MAY 2016 Eastern Energy Expo May 22-26 Foxwoods Resort Casino Mashantucket, CT Online registration: http://easternenergyexpo.com/ On Jan. 15, REG headed back to Time Square to ring the NASDAQ Stock Exchange's opening bell. This was the third time that REG has rung in the start of a trad- ing day. The first time was in 2012 when REG became a publicly traded company. The sec- ond came in 2014 when REG celebrated its second anniversary on the market. "The energy of New York City hardly com- pares to the energy of REG, but it is a great place to bring it all together," said REG CEO, Daniel Oh. PHILLY NOZZLE WITH SIGHT GLASS The Philly Nozzle 2000 can be ordered with a sight glass. This nozzle saves time and offers the following features, Inlet Swivel 1& ¼ or 1 & ½, ball valve opera- tion, top lever turns left or right; outlet suitable for Scully and Philly. Viton rings, anti-drain valve, and all machining done in house. Made in Philadelphia USA. josdeighan@comcast.net 267-303-1489. Deighan Equipment Specialists www.deighanequipment.com WTI prices, the Brent-WTI spread, is an indicator of global oil flows and market dynamics. Historically, the prompt month (the most immediate delivery) contracts for both Brent and WTI were for the same delivery month (i.e., March Brent versus March WTI), except for the five-to-seven- day period between the rollover dates of the contracts. When the delivery dates for the prompt month contracts are aligned, the spread between the two prompt con- tracts reflects the economics of importing crude oil to the U.S. Gulf Coast versus shipping it from Cushing by pipeline. With the earlier expiration dates for Brent contracts now being implemented, the two prompt contracts will reflect the same delivery month much less frequently. In fact, delivery dates are more likely to be aligned by comparing the Brent prompt month futures contract with the WTI futures contract two months ahead (i.e., one month after the prompt month) than by comparing the two prompt contracts. Alignment of delivery dates is espe- cially important when there is a difference between the price of near-term and lon- ger-dated deliveries of crude oil futures. When near-term deliveries are priced above longer-term deliveries, the mar- ket is said to be in backwardation; the reverse situation is known as contango. Accurately comparing the two futures contracts for similar delivery dates avoids introducing artificial backwardation or contango to the Brent-WTI spread. P r i n c i p a l c o n t r i b u t o r s : M a s o n Hamilton, Jeff Barron l F O N CORRECTION An improper image was used with the following product description in the February Truck Accessories Roundup. Here is the correct listing. We apologize for the mistake.