The Dubai Mercantile Exchange Limited (DME), a joint venture between Tatweer, a member of Dubai Holding, the New York Mercantile Exchange Inc. (NYMEX), and the Oman Investment Fund (OIF) announced that the Exchange set four volume records during its second day of trading.
On the DME’s opening day, the Exchange recorded 2,889 contracts traded, which was surpassed today at 4:00 PM New York time when the DME published a total volume of 4,008. The Exchange set volume records for its Oman Crude Oil Futures Contract which traded 2,827, surpassing its first trading session where it traded 2,534 contracts. Records were also set for the WTI Oman Financial Spread Contract and the Brent Oman Financial Spread Contract which traded 550, and 631 respectively.
Gary King, Chief Executive Officer of the DME, said: “We are very excited to have set a total of four volume records on our second day of trading. This shows the incredible support we have received from our members and the industry as a whole. We are convinced that the first and only physically settled Oman Crude Oil Futures Contract is the right instrument for greater price transparency and better risk management, and will soon be regarded as the new global benchmark for Middle East sour crude.”
As of Monday, June 4, the Exchange-wide open interest was at 617 contracts.