DME Starts 2017 with new Open Interest Record
Dubai Mercantile Exchange (DME), the premier global energy futures and assets exchange in the Middle East, reported a new open passion record of 40,505 lots for its flagship Oman Petroleum Futures Contract adhering to January trading 2017 task. Equivalent to 40.5 million barrels of Omani petroleum, the most up to date number goes beyond the previous open passion document of 31,492 lots established on January 27, 2016.
According to Mayssam Hamadeh, Head of Advertising and marketing, DME, the document is an additionally milestone for the Exchange as it confirms the market's self-confidence in the Oman Crude Oil Futures Contract. He stated: "Open rate of interest in DME Oman has been enhancing continuously and the brand-new record highlights that cravings among significant power market gamers to trade on the Exchange stays solid despite fluctuating petroleum prices."
Hamadeh added: "As a globally regulated exchange, DME supplies complete transparency and assurance for oil manufacturers and consumers across Asia in an unpredictable and commonly unclear market, and we are delighted to have begun 2017 on a solid note. Along with the open rate of interest document, our trading volumes have likewise shown consistent growth, more enhancing our qualifications as the most legitimate source of pricing for oil trade circulations in the region."
Information of the open passion document comes against the backdrop of DME's recent announcement of a 20 percent year-on- year rise in physical shipment quantities during 2016. DME delivered a total amount of 260,688,000 barrels throughout the year - signing up the greatest physical distribution in the background of the Exchange.
Recognized for providing the most reliable risk monitoring and price discovery device for individuals in the quickly growing East of Suez markets, DME's state-of- the-art delivery mechanism permits it to provide above 21 million barrels on a monthly basis from Mina Al Fahal port in Oman.
DME Oman is the largest literally supplied crude oil futures agreement worldwide with an average of 21 million barrels monthly supplied via the Exchange in 2016.
