The average daily volume during
the quarter was 2,777 contracts, up from 1,522
contracts during the same period in 2009. This
significant year-on-year increase of 82% is further
demonstration of the increased confidence in the DME
Oman contract as the most transparent price discovery
and risk management tool for the East of Suez crude
oil markets.
The quarter also saw DME Oman achieve a new record for physical delivery, with 41.4 million barrels of oil delivered through the Exchange. Within that total was a monthly record of 15.1 million barrels for physical delivery in September, surpassing the previous high of 14.1 million barrels set for delivery in August this year.
Further, as announced earlier
this quarter, open interest levels hit a record of
21,797 contracts on 30 September, indicating increased
market depth and industry acceptance
in DME Oman as
a long-term risk management tool.
The DME also announced plans to
introduce a full suite of Oman-related risk management
products, including DME Oman related swaps and options
contracts, to the market in the very near future.
Thomas Leaver, Chief Executive
Officer of the DME, commented:
"The
industry update issued by the DME today demonstrates
the robust growth of the Exchange and the value it
creates for our stakeholders. With new records in
volumes and physical delivery, a secure regulatory
framework, and the imminent launch of exciting new
products in collaboration with CME Group, the DME Oman
contract continues to strengthen its reputation as the
most effective benchmark for the East of Suez crude
oil markets".
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.