Dubai Mercantile Exchange Sets New Trading Record in January 2011
Average daily volumes (ADV) for the DME Oman Crude Oil Futures Contract (DME Oman) in January stood at 3,570 contracts (equivalent to 3.5 million barrels of oil per day), with a record total of 71,396 contracts traded throughout the month. This steady performance builds on the 35% year-on-year increase in trading levels reported for 2010.
January’s performance indicators demonstrate continuing confidence in the DME Oman contract as the most efficient price discovery and risk management tool for the East of Suez crude oil markets. Today, more than 50 companies trade regularly on the exchange while in excess of 140 million barrels of crude oil were delivered through the DME during 2010, confirming the status of DME Oman as the world’s largest physically delivered crude oil futures contract.
Commenting on January’s performance, Thomas Leaver, Chief Executive of the DME, said:
“This is a positive start to the year, particularly following such strong and continued growth from 2010. Thanks to DME’s growing customer base, stakeholder support and employee dedication, we continue to build on our growing target market providing a freely traded, open, transparent and regulated market space. We will continue to work diligently over the coming months to further consolidate our position as the accepted benchmark for crude oil in the Middle East and Asia.”
The DME was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to East of Suez, the world’s fastest growing commodities market and the largest crude oil supply/demand corridor in the world. Today, DME Oman is the explicit and sole benchmark for Oman and Dubai crude oil Official Selling Prices (OSP), the historically established markers for Middle East crude oil exports to Asia Pacific.