Benchmark DME Oman Crude Oil Futures Contract Volumes Continue to Build
The Dubai Mercantile Exchange Limited (DME) today reported new records recorded in January, and a positive upward trend in volumes since the transition of the DME's contracts to CME Globex®, the world's largest electronic trading platform.
On Monday 2nd February, the first day of trading on Globex, the DME saw 4,299 contracts traded.
The average volume of contracts traded per day (ADV) during the first week stood at 2,720.
ADV in January 2009 reached 2,052. This is now the second highest monthly ADV behind November 2008 records of 2,082.
Open interest in the DME Oman Crude Oil Futures Contract also hit new highs in January. As of January 30, open interest was 17,252, a new record for the DME, surpassing the previous open interest record of 14,294 set in April 2008.
On Tuesday, January 13, volumes hit 6,484, a new DME record for contracts traded on a given day.
DME Chairman Ahmad Sharaf commented, "The DME Oman Crude Oil Futures Contract clearly fulfills the market's need for transparency and fair value, as well as for a robust risk management mechanism in these volatile markets.
"Offering security to traders in times of credit uncertainty, through central counterparty clearing at NYMEX, as well as price transparency for crude oil destined for East of Suez markets, the DME has established an international presence with a strong customer base across the trading community and energy market participants."
DME CEO Thomas Leaver added, "This positive performance in the first week, combined with January's record highs in both volume of contracts traded on a given day, and levels of open interest, is an excellent indication of the international appetite for the DME Oman Crude Oil Futures Contract.
"The DME Oman Crude Oil Futures Contract has already been adopted by two regional producers, Dubai and Oman, in the official formulas for pricing of their crude oil. We continue to work closely with other regional national oil companies around the Middle East as the DME Oman Crude Oil Futures Contract continues to build in liquidity."
