cite any sources . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . august 2013 learn how and when to remove this template message the international petroleum exchange now ice futures since 2005 04 7 based in london was one of the world s largest energy futures and options exchanges . its flagship commodity brent crude was a world benchmark for oil prices but the exchange also handled futures contracts and options on fuel oil natural gas electricity baseload and peakload coal contracts and as of 22 april 2005 carbon emission allowances with the european climate exchange ecx . the ipe was acquired by the intercontinental exchange in 2001 . the ipe was an open outcry exchange until 7 april 2005 when its name was changed to ice futures and all trading was shifted onto an electronic trading platform . contents 1 history 2 contracts 3 external links 4 see also history edit until the 1970s the price of oil was relatively stable with production largely controlled by the biggest oil companies . the 1970s transformed the industry forever . two oil price shocks meant that price volatility became a fundamental feature of the market short term physical markets rapidly evolved and the need to hedge emerged . a group of energy and futures companies founded the ipe in 1980 and the first contract for gas oil futures was launched the following year . in june 1988 the ipe successfully launched brent crude futures . volumes rapidly took off and the exchange has experienced incremental growth year on year for almost its entire history . new trading instruments such as swaps futures and options have grown up . the modern business though complex is efficient flexible and fast moving . since its inception oil futures and latterly options have been traded in pits on the trading floor using the open outcry system . as business volumes have grown the ipe has moved location several times to accommodate new pits and more traders . contracts edit since 1997 the ice futures has expanded its offerings from brent crude and gas oil to include natural gas 1997 electricity 2004 and ecx carbon financial instruments 2005 . these expansions have allowed ice futures to offer a wider range of energy products . more advanced transactions are also now possible due to cross and multi product transactions which eliminate the need to use multiple markets or an adviser . external links edit ice bbc open outcry trading to end on ipe see also edit energy portal list of futures exchanges v t e petroleum industry petroleum primary energy benchmarks argus sour bonny light brent dubai indonesian isthmus 34 light japan cocktail opec reference basket tapis urals western canadian select west texas intermediate data natural gas consumption production reserves imports exports price petroleum consumption production reserves imports exports price of gasoline and diesel exploration core sampling geophysics integrated asset modelling petroleum engineering reservoir simulation seismic to simulation petroleum geology petrophysics reflection seismology seismic inversion seismic source drilling blowout completion squeeze job differential sticking directional drilling geosteering drilling engineering drilling fluid invasion drill stem test lost circulation measurement tracers underbalanced drilling well logging production petroleum fiscal regime concessions production sharing agreements artificial lift pumpjack submersible pump esp gas lift downstream enhanced oil recovery eor steam injection gas reinjection midstream petroleum product pipeline transport refining upstream water injection well intervention xt history 1967 oil embargo 1973 oil crisis 1979 energy crisis 1980s oil glut 1990 oil price shock 2000s energy crisis 2010s oil glut founders history of the petroleum industry nationalization opec seven sisters standard oil oil market timelines provinces and fields list of natural gas fields list of oil fields east midlands oil province east texas gulf of mexico niger delta north sea persian gulf prudhoe bay oil field russia venezuela western canadian sedimentary basin other topics acronyms peak oil mitigation timing people petrocurrency petrodollar recycling shale gas swing producer unconventional oil heavy crude oil sands oil shale companies and organisations major petroleum companies supermajors bp chevron conocophillips exxonmobil royal dutch shell total national oil companies adnoc uae cnooc china cnpc china ecopetrol colombia gazprom russia iraq national oil company indian oil corporation kuwait petroleum corporation lotos poland nigerian national petroleum corporation nioc iran nisoc iran ogdcl pakistan ongc india pdvsa venezuela pkn orlen poland pemex mexico pertamina indonesia petrobras brazil petrochina petronas malaysia petrovietnam ptt thailand qatar petroleum rosneft russia saudi aramco saudi arabia sinopec china socar azerbaijan sonangol angola sonatrach algeria statoil norway ypf argentina energy trading glencore gunvor mercuria naftiran intertrade trafigura vitol other anadarko apache bg group cenovus energy compa a espa ola de petr leos devon eni galp energia hess husky energy imperial oil lukoil marathon oil nippon oil occidental omv port harcourt refining company reliance industries repsol suncor energy surgutneftegas tnk bp tullow oil t pra major services companies amec foster wheeler baker hughes cameron cgg ch2m hill chicago bridge & iron company china oilfield services enbridge ensco ge oil & gas halliburton naftiran intertrade national oilwell varco petrofac saipem schlumberger snam subsea 7 technip transcanada transocean weatherford wood group other international association of oil & gas producers international energy agency international petroleum exchange opec society of petroleum engineers world petroleum council category commons retrieved from https en.wikipedia.org w index.php title international petroleum exchange & oldid 731982120 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