News Column

Over 1.13b bpd traded on DME in H1 2014

July 10, 2014

Staff Report



Abu Dhabi The Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the region continued growth in the first half of 2014 with its flagship DME Oman posting an average daily volume trade growth of over 52 per cent with 9,143 lots per day.

The figure marks an increase from the 5,993 lots during the corresponding period last year.

In the process, the DME Oman also broke the barrier of one million contracts traded in the first half of 2014 for the first time since it launch, with over 1.13 million contracts (equivalent to 1.13 billion barrels of crude oil) traded on the exchange.

"With this continued and sustained growth over the last 12-18 months, the DME Oman contract has further consolidated its status as the Middle East's largest physically delivered crude oil futures contract," said Christopher Fix, CEO of the DME.

He expected DME volumes to continue growth.

"In reality, the DME is currently the only exchange capable of bridging the expanding crude oil corridor linking the Middle East and Asia, and uniquely positioned to provide a fair price discovery mechanism for crude oil heading east, especially during times when oil prices are highly volatile," added Fix.


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Source: Gulf News (United Arab Emirates)


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