The New York Mercantile Exchange (NYMEX) is a major commodities exchange located in New York City. It specializes in trading energy products, such as crude oil and natural gas, as well as precious metals like gold and silver. NYMEX provides a platform for buyers and sellers to engage in futures and options contracts, helping to establish market prices for these essential resources. Founded in 1882, NYMEX is part of the CME Group, which is one of the largest financial derivatives exchanges in the world. The exchange plays a crucial role in the global economy by facilitating price discovery and risk management for participants in the commodities markets.