IPE Brent Crude futures volumes increased 12% in 2003, with total volume of 24,012, 969 lots. IPE Gas Oil futures grew 3% over 2002 with a total of 8,429,981 contracts traded. Collectively, these volumes represent 30.3 billion barrels of crude oil and an underlying value of almost $914 billion.
The IPE Natural Gas contract, which trades exclusively electronically, grew an impressive 39.6% year on year with a total volume of 815,435 lots during 2003.
Dr. Richard Ward, IPE Chief Executive said "the IPE continues to demonstrate that its listed contracts play a vital role for market participants in managing their price risk exposure in a volatile environment. At the same time we have benefited from increased interest from non traditional users of energy futures contracts, the combination of which has resulted in another excellent year for the Exchange. As we look to the new year IPE is well positioned to meet the needs of the expanding energy marketplace globally."
