IRENEX Starts Naphtha and Methanol Contracts

The Iran Energy Exchange (IRENEX) for the first time on Wednesday launched futures contracts backed by energy carriers.   
Naphtha and methanol are the underlying assets of the first futures unveiled at a ceremony attended by Majid Eshqi, the managing director of Securities and Exchange Organization.  
A futures contract is a standardized, legal agreement to buy or sell an asset at a predetermined price at a specified time in the future. At this specified date, the buyer must purchase the asset and the seller must sell the underlying asset at the agreed-upon price, regardless of the current market price at the expiration date of the contract.