The Dubai Mercantile Exchange (DME) today announced that a record average daily volume (ADV) of 2,624 contracts was achieved in its flagship DME Oman Crude Oil Futures contract (DME Oman) during the month of October 2009. The DME also reported a 58 per cent year on year increase in DME Oman average daily volumes during 2009, averaging at 2,012 contracts.

The new record ADV in October 2009 surpasses the previous high of 2,421 contracts achieved in June 2009. That same month also saw the DME attain a new daily volume record of 8,076 contracts traded on 23rd June 2009, following the Dubai Petroleum Authority’s announcement that it would set its Official Selling Prices (OSPs) based on monthly differentials to DME Oman settlements.

DME Chairman Ahmad Sharaf commented: “This positive news is yet further demonstration of growing market confidence in the DME Oman contract. Increasingly regarded as the fairest and most transparent pricing benchmark in the East of Suez region, it already provides the basis for the Official Selling Prices of Oman and Dubai crudes, the historically established markers in the East of Suez.  We look forward to reaching further milestones during our third year of trading.”

Thomas Leaver, Chief Executive Officer of the DME, added: “New records are always welcome and demonstrate the steady progress made in the 29 months since our launch.  Significantly, in addition to a record average daily volume in October, we have seen sustained long-term growth in volumes over the past year by 58 per cent, reflecting the increasing support of our strong international customer base and the growing confidence in the DME from a wide range of market participants”.