Launch of IPE Fuel Oil Futures A Success

Today saw the launch of the IPE Fuel Oil futures contract on its trading floor. The contract was officially opened by the IPE's new Chairman, Sir Bob Reid, at 0905 this morning. Within seconds of the contract opening the first price came up at $106.75 and within a few minutes 81 lots were traded. At the close of business the October contract settled at $107.90, with the total day's volume at 220 lots. Richard Ward, Acting Chief Executive said, "the level of support for the contract has been good and volumes have been healthy despite it being a quiet day on international markets. Trading Fuel Oil in the Gas Oil pit has worked well and this is a credit not only to our Members but also to our pit officials who ensure the smooth running of the trading floor".