A. The DME Oman benchmark is used to price the entire production volumes of both Oman and Dubai crudes, the historic markers in the East of Suez. Since the launch of DME in June 2007, the Sultanate of Oman has set its Official Selling Prices (OSPs) on a forward pricing basis using the monthly average of the DME Oman daily settlements (calculated as of 1630 Singapore time). In June 2009, the Dubai Department of Petroleum Affairs (DPA) announced its adoption of a forward OSP formula explicitly-linked to DME Oman daily settlements. The DPA independently sets and announces price differentials used to calculate Dubai monthly OSPs (e.g., Dubai OSP = Month Avg. of DME Oman Marker Prices +/- monthly differential).
A. The only requirement for a non-Member to trade on the DME is to open an account with a DME Clearing Member, and meeting the requirements set out in the DME Rulebook. A list of the DME Clearing Members can be found here. A full list of CME Globex® certified ISVs for trade execution can be found here.
A. The DME uses the CME Globex® trading platform.
A. Electronic trading is open from 1600 North American Central Standard Time / Central Daylight Time (CST/CDT) Sundays and from 1645 CST/CDT Monday to Thursday and closes at 1600 CST/CDT the next day, Monday to Friday.
Singapore is 14 hours ahead of CST and Dubai is 10 hours ahead. The time difference is reduced by one hour when CDT is in effect. Neither Dubai nor Singapore observe Daylight Savings Time.
A. A daily Oman Marker Price is published by the DME for the Oman Crude Oil Futures Contract at 1630 Singapore time, this equates to (1230 Dubai Time, 0230 CST or 0330 CDT), which is the current close of the Singapore cash market.
This price is used in the monthly formula to calculate the official selling price (OSP) for Oman Crude Oil term sales for that delivery month. The Dubai Department of Petroleum Affairs (DPA) also sets its official monthly selling price for the Emirate's crude based on a differential to the Marker Price of the DME's Oman Crude Oil Futures Contract.
The DME also publishes an end of day Settlement Price at 1330 CST/CDT (0230 or 0330 in Singapore the following day) for the DME Oman Crude Oil Futures Contract which coincides with the settlement prices of the NYMEX light sweet crude oil futures contract and other key energy markets. The DME end of day settlement price is used by the Clearing House to mark to market open positions and thereby establish variation margin.
A. Yes. The DME is closed for trading on New Year's Day, Good Friday and Christmas Day, therefore no marker or settlement prices will be published on these days. There are six additional US holidays where no margining will occur, but there will be a daily Oman Marker Price for the DME Oman Crude Oil Futures Contract at 1630 Singapore time. Please click here to view the Holiday Calendar.
A. A Block Trade is a large quantity transaction executed away from the exchange. In order to be considered a Block Trade, the trade must satisfy the criteria in Rule 6.30 of the DME Rulebook.
A. If the order meets the minimum size requirements, you need to advise the broker when placing your order you wish the trade to be entered as a Block Trade. Also, as the Trade details will be entered into CME ClearPort® via a broker on behalf of the counterparties, counterparties must also be registered to use CME ClearPort. Parties can enter trade details into CME ClearPort directly without using a broker. The CME ClearPort Market Operations desk (telephone number +1 212 299 2670Call: +1 212 299 2670) can also submit the trade to ClearPort Clearing on the counterparties’ behalf. For further details please refer to Rule 6.30 in the DME Rulebook.
A. CME ClearPort® is an electronic gateway which allows authorised market participants to submit trades in DME contracts for clearing in real-time. Please click here for further details.
A. Please call CME Global Command Center (GCC) on +65 6223 1357Call: +65 6223 1357 (Asia) / +44 20 7623 4708Call: +44 20 7623 4708 (Europe) / +1 312 456 2391Call: +1 312 456 2391 (North America) immediately or at least within eight minutes of the execution of the error trade. More information about Trade Cancellation Policy may be found in the DME Rulebook, Rule 6.17.
A. DME historical data is available here.