DME reveals initial volumes
The Dubai Mercantile Exchange (DME) has revealed volumes from its first two trading days.
On June 1, the DME’s opening day, 2,889 contracts were traded, and on the second, a total volume of 4,008. The Oman crude oil futures contract traded 2,534 contracts in its first trading session, then 2,827 in the second. Second-day volumes for the WTI-Oman spread and the Brent-Oman spread stood at 550 and 631 contracts respectively.
Speaking about the volume increases, Gary King, CEO of the DME, says: “This shows the incredible support we have received from our members and the industry as a whole.”
As of Monday, June 4, the exchange-wide open interest was at 617 contracts.
The DME offers trading in three contracts: Oman crude oil futures and two financially settled futures contracts, the Brent-Oman spread and the WTI-Oman spread.
The first daily settlement price of the Oman contract is $64.09. This will be the first price used by the Sultanate of Oman’s Ministry of Oil and Gas in calculating its Official Selling Price (OSP). The Ministry’s pricing formula will be the average of the Oman crude oil futures contract’s daily settlement prices over each calendar month. The average set in June will price Oman’s August cargoes.
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