Dubai Mercantile Exchange sets record in January
Physical delivery for March loading reached 27.3mn barrels; average daily volume increase by 17%
The Dubai Mercantile Exchange (DME), has announced a set of records for the month of January 2016.
The exchange registered a new record for physical delivery volumes of 27.3mn barrels for March loading (previous record was 22.5mn barrels in March 2015), and four successive open interest records for its Oman Crude Oil Futures contract peaking at 36,109 contracts.
The Exchange also saw traded volumes increase by 17% year-on-year amid strong interest in the DME Oman contract from commercial and financial firms around the world.
“We are delighted to start 2016 with these records. Today’s turbulent markets confirm the need for a regulated exchange that offers risk management and hedging solutions in this part of the world,” Owain Johnson, Managing Director, DME said.
“We are witnessing a developing appetite among oil sellers and buyers to trade and get oil delivered through DME, the only regulated energy exchange in one of the biggest oil producing regions,” Johnson added.