NAICS Code 523999-06 - Oil Brokers

Marketing Level - NAICS 8-Digit

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Contact Emails: 74
Company Websites: 30
Phone Numbers: 38
Business Addresses: 39
Companies with Email: 20
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NAICS CODE 523999-06
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NAICS Code 523999-06 Description (8-Digit)

Oil Brokers are professionals who act as intermediaries between buyers and sellers of crude oil and other petroleum products. They facilitate the buying and selling of oil by negotiating deals on behalf of their clients. Oil Brokers are knowledgeable about the oil market and use their expertise to help clients make informed decisions about buying and selling oil. They work with a range of clients, including oil companies, refineries, and traders.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523999 page

Tools

Tools commonly used in the Oil Brokers industry for day-to-day tasks and operations.

  • Bloomberg Terminal
  • Reuters Eikon
  • Platts Oilgram Price Report
  • Argus Media
  • Oil Price Information Service (OPIS)
  • Energy Intelligence
  • Oil Analytics
  • Oil Price Charts
  • Oil Futures Contracts
  • Oil Options Contracts

Industry Examples of Oil Brokers

Common products and services typical of NAICS Code 523999-06, illustrating the main business activities and contributions to the market.

  • Crude Oil Trading
  • Petroleum Product Trading
  • Oil Futures Trading
  • Oil Options Trading
  • Oil Price Risk Management
  • Oil Market Analysis
  • Oil Market Research
  • Oil Market Forecasting
  • Oil Market Intelligence
  • Oil Market Consulting

History

A concise historical narrative of NAICS Code 523999-06 covering global milestones and recent developments within the United States.

  • The "Oil Brokers" industry has a long and rich history dating back to the early 20th century when the first oil futures contracts were traded in the United States. The industry has since grown to become a global market, with major players such as BP, Shell, and ExxonMobil dominating the market. Notable advancements in the industry include the development of electronic trading platforms, which have made it easier for brokers to buy and sell oil futures contracts. In recent years, the industry has faced challenges such as the decline in oil prices and increased competition from renewable energy sources. However, it remains a vital part of the global economy, with the demand for oil continuing to grow. In the United States, the "Oil Brokers" industry has a more recent history, with the first oil futures contracts being traded in the 1970s. The industry has since grown to become a major player in the US economy, with New York City's Mercantile Exchange being one of the largest oil futures markets in the world. Notable advancements in the industry include the development of new financial instruments such as exchange-traded funds (ETFs) and the increased use of algorithmic trading. The industry has faced challenges such as increased regulation and the decline in oil prices, but it remains a vital part of the US economy, with the demand for oil continuing to grow.