Crude Oil Futures Volumes soar on Dubai Mercantile Exchange (DME), New players enter market.
Total traded volume for its flagship DME Oman contract reached 123,162, an increase of nearly 10,000 contracts over the previous record, set a month earlier. Average daily volume for April stood at 6,158 contracts, another significant move forward from the previous record of 5,378 contracts. On 25 April, DME Oman also set a new daily trading record, with 12,648 contracts traded – up from the previous high of 10,142 contracts on 15 February.
This continued and sustained growth trajectory demonstrates the increasingly important role of the DME in enabling customers to enjoy the benefits of fair and transparent price discovery and superior risk management.
Ahmad Sharaf, Chairman of the DME, commented:
“This impressive run of consecutive trading records underscores the sustained momentum that the DME is gathering well into 2012 and the market’s growing confidence in our Oman contract.
“As we continue to establish DME Oman as the pricing benchmark forMiddle Eastcrude oil bound for markets East of Suez, we are encouraged by the increasingly broad and diverse number of market participants trading on the exchange. All our efforts remain focused on maintaining this momentum through 2012 and beyond.”
John Cross, a founding partner of oil brokerage firm Daman Quattro, commented on the significance of April’s trading figures:
“What is particularly important to note about these latest volumes on the DME is that they include all the different types of trading possible on the exchange, from screen and block trading to butterfly and calendar spreads and, of course, physical trading.
“The record day’s trading in particular also saw significant volume throughout the day, not just during the daily settlement window. This is clear proof that the DME is operating as a fully functional global exchange.”News source: Dubai Mercantile Exchange
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