CME Group to launch Contract for Western Canadian Select Crude

CME Group Inc., the world's largest futures exchange, will launch its contract for Western Canadian Select heavy crude on July 28.

The contract will price the differential against West Texas Intermediate and be settled daily, Joseph Raia, managing director of energy and metals for CME, said today in Calgary.

"Canadian crude for certain is going to be a prominent part of the energy markets, particularly for the U.S., for quite a long time," Raia said.

Volume on CME averaged 12.2 million contracts a day in June.