- Plus, Record Open Interest across Gasoil Futures and Options and Total Oil Options
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that ICE Brent, the largest crude oil futures and options market in the world and the global benchmark price for crude, reached record open interest of 6.4 million contracts on October 18, 2024, surpassing the record previously set in April 2020. Brent open interest is up 20% year-over-year (y/y) across futures and options.
In addition, ICE’s total oil options markets reached record open interest of approximately 6.4 million contracts on October 18, 2024. While ICE Low Sulphur Gasoil futures and options reached record open interest of 1.3 million contracts, up 67% y/y. ICE Gasoil sits at the center of middle distillates trading as the global benchmark for refined oil products. Average daily volume (ADV) in Gasoil is up 24% y/y.
“We know our customers are navigating extremely challenging market conditions this year and we appreciate their continued support and trust in our markets,” said Jeff Barbuto, Global Head of Oil Markets at ICE. “The oil markets on ICE were designed and developed by working closely with our customers to create contracts that fit their trading, risk management and liquidity needs through complex political and geopolitical landscapes, severe weather events and global security concerns. We’re proud to offer the biggest and most liquid oil markets in the world.”
Brent crude is the price barometer for three quarters of the world’s internationally traded crude oil. On October 15, 2024, total oil options hit record traded volume of over 593,800 contracts. On the same day, Brent options hit a trading record of nearly 542,000 contracts. ADV in ICE oil options is up 34% year-to-date (YTD) with Brent options ADV up 37% YTD.
ICE’s energy complex includes the most liquid markets to trade global benchmarks across oil, natural gas and environmentals. Open interest across ICE’s global energy complex is up 21% y/y at 61.2 million contracts with average daily trading activity up 27% YTD.
