DME Oman volumes top 1bn barrels of crude in H1
Dubai, July 10, 2014
DME Oman Crude Oil Futures Contract (DME Oman) the flagship exchange of the Dubai Mercantile Exchange (DME), traded more than 1.13 million contracts (equivalent to 1.13 billion barrels of crude oil) in the first six months of 2014.
It posted an average daily volume trading growth of over 52 per cent with 9,143 lots per day, compared to 5,993 lots in the corresponding period last year.
Christopher Fix, chief executive officer of the DME said: “With this continued and sustained growth over the last 12-18 months, the DME Oman contract has further consolidated its status as the Middle East’s largest physically delivered crude oil futures contract. This is our best half-year performance to date, and reflects the growing importance of the Middle East as a pricing and trading hub. DME volumes will continue to grow, and our success mirrors the success of the Middle East.’”
“The growing interest and participation from members and customers resulting in increased trading activity, DME’s presence in Asia which has enhanced relationships with Asian customers, increased efficiency of the platform, and the recently launched Trade at Marker (TAM) mechanism for traders are some of the key contributing factors to the DME’s growing reputation as a key energy benchmark.
“In reality, the DME is currently the only exchange capable of bridging the expanding crude oil corridor linking the Middle East and Asia, and uniquely positioned to provide a fair price discovery mechanism for crude oil heading east especially during times when oil prices are highly volatile. Traders realize the value proposition of the DME and the continued success of our flagship contract is testimony of the confidence that global players have in the exchange,” concluded Fix. – TradeArabia News Service