New York Mercantile Exchange (NYMEX)

The New York Mercantile Exchange (NYMEX) is a major marketplace where commodities like oil, natural gas, and metals are bought and sold. It operates as a platform for traders and companies to hedge risks or speculate on future prices. NYMEX uses standardized contracts called futures, which specify the quantity and quality of the commodity, allowing for transparent and regulated trading. By providing a centralized marketplace, NYMEX helps determine global commodity prices and supports energy and resource markets, ensuring supply, demand, and pricing are balanced and efficient.