Dubai – 29 November 2009: The Dubai Mercantile Exchange Limited (DME) announced today that cumulative trading in its benchmark DME Oman Crude Oil Futures Contract (DME Oman) has exceeded one million contracts, representing one billion barrels of crude oil traded, since its launch on June 1st, 2007.
At the close of trading on 27 November 2009, DME Oman had traded a total of 1,000,174 contracts, which at 1,000 barrels per contract is equivalent to more than 1 billion barrels of crude oil.
Since its inception, DME
Oman has provided the most fair and transparent price
discovery mechanism for East of Suez crude markets.
Reflecting the growing liquidity of its flagship
contract, the DME reported a 60 per cent year on year
increase in average daily volumes during 2009,
averaging at 2,037 contracts.
DME Oman continues to demonstrate a strong link to the underlying Oman crude physical market and is the largest physically delivered crude oil contract in the world. Physical deliveries of DME Oman have recently averaged 10 million barrels per month, achieving a record volume of 11.6 million barrels for September 2009 delivery. This development marks a 60 per cent increase in physically delivered volumes from August 2007 to date.
Marking the announcement, Ahmad Sharaf, Chairman of the DME said:
"This is a very positive day for the DME. The billion barrels milestone
is further confirmation to the markets, our stakeholders and shareholders that
the fundamentals are in place for the long-term success of the flagship DME Oman
Crude Oil Futures Contract and the DME as a whole".
Craig Donohue, Chief
Executive Officer of CME Group, commented:
"CME Group congratulates DME on this significant
milestone, which reflects the growing acceptance of
the DME Oman Crude Oil Futures Contract among key
energy traders and hedgers, particularly in the key
AsiaPac region. We look forward to continued
successful co-operation between our organisations,
which together offer customers the three key crude oil
benchmarks serving the Middle East, Europe and North
America on a global platform, virtually around the
clock."
Thomas Leaver, Chief
Executive Officer of the DME, added:
"The DME continues to go from strength to strength.
This time last year we were announcing more than
500,000 contracts traded in the 18 months since
launch. Just 12 months on, we have succeeded in
doubling that volume to one million. This is a
testament to the overwhelming support of our customers
and a growing recognition that DME Oman provides the
most efficient price discovery and risk management
tool to participants in the rapidly growing East of
Suez markets."