Law360, New York (April 2, 2015, 4:33 PM EDT) -- On Sunday, March 29, CME Group planned to launch the first-ever physically delivered crude oil storage futures contract. CME Group is able to make this contract available having teamed up with LOOP LLC (LOOP owns and operates the deep-water port and associated onshore terminal with significant crude oil handling, storage and redistribution capabilities located in Clovelly, Louisiana, sometimes called the "Clovelly Hub") and NEO Markets Inc. Each contract gives the purchaser the right to physically store 1,000 barrels of LOOP Sour crude oil at the LOOP Clovelly Hub in South Louisiana for a specific calendar month. The hope is that this new contract will offer increased options to manage deliveries into the U.S. Gulf Coast market, as well as providing flexibility and transparency with respect to crude oil storage prices....
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