Oman Crude Oil Futures Contract Volumes Continue to Build

The Dubai Mercantile Exchange Limited (DME) reported new records recorded in January 2009, 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 2 February 2009, 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 30 January 2009, 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 13 January 2009, 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.”- Oman Daily Observer