NSE to launch Brent crude futures from April 13; pricing, limits, timing — All you need to know

India’s National Stock Exchange (NSE) will introduce Dated Brent crude oil futures from April 13, 2026, expanding its commodity derivatives basket with a product directly linked to global oil pricing benchmarks at a time when markets remain sensitive to geopolitical tensions, including developments around Iran. The launch, cleared by Securities and Exchange Board of India (SEBI), is expected to give refiners, importers and institutional traders a more precise hedging tool aligned with international crude price movements while improving price discovery in domestic markets.

What NSE said about the new crude contracts?

In a circular, the exchange said it has received regulatory approval to launch Dated Brent Crude Oil (Platts) futures in its commodity derivatives segment from April 13.

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The contracts will be linked to the widely tracked S&P Global Energy (Platts) Dated Brent assessment - a global benchmark used to price physical crude oil cargoes. On NSE, the contracts will trade under the symbol BRCRUDEOIL.

The bourse said the move is aimed at offering market participants a hedging instrument that closely mirrors international crude benchmarks.

Trading window, contract cycle and structure

The futures contracts will be listed on a monthly basis, with a launch calendar extending into 2027, allowing participants to plan hedging strategies over a longer horizon.

Trading will take place from Monday to Friday between 9:00 am and 11:30 pm or 11:55 pm, depending on US daylight saving time.

Key contract specifications include:

• Trading unit: 100 barrels
• Maximum order size: 10,000 barrels
• Base daily price limit: 6 per cent

If the 6 per cent band is breached, trading will pause for 15 minutes, after which the limit may be relaxed to 9 per cent.

In case global crude prices move beyond this threshold, NSE may further extend limits in additional 3 per cent steps, subject to prior market notice. This ensures domestic contracts remain aligned with sharp swings in international markets.

How final settlement price will be calculated?

The contracts will be cash-settled, removing the need for physical delivery.

Final settlement will be based on:

• The monthly simple average of Platts Dated Brent assessments (midpoint of daily high and low prices)
• Conversion into rupees using the monthly average RBI USD/INR reference rate

The final price will then be rounded to the nearest tick, ensuring uniform settlement.

The timing of the launch is significant. Global oil markets have been volatile due to geopolitical developments, including tensions involving Iran, supply-side uncertainties and shifting demand outlook.

By introducing a derivative tied to a global benchmark, NSE aims to:

• Improve price discovery in India’s commodity ecosystem
• Provide efficient hedging tools for oil-linked businesses
• Align domestic markets with global pricing trends
• Deepen liquidity in commodity derivatives

For oil marketing companies, refiners and large industrial consumers, the product offers a closer hedge to actual import-linked pricing compared to domestic benchmarks.

NSE said detailed guidelines on risk management, clearing and settlement will be issued separately by its clearing arm.