Dubai Mercantile Exchange sets new records in July

The Dubai Mercantile Exchange Limited (DME) announced today that it set two new trading records during the month of July 2011. The exchange not only achieved the highest average daily volumes, but also saw record physical delivery for its benchmark Oman Crude Oil Futures Contract (DME Oman) since the commencement of trading on the Exchange in June 2007.

Average daily volumes (ADV) for DME Oman Crude Oil Futures Contract (DME Oman) in July stood at 4,427 contracts (equivalent to 4.4 million barrels of oil per day), with a record total of 88,539 contracts traded for the month. This represents a 35% year-on-year increase in trading levels on the exchange.

The month also saw DME Oman achieve a new record for physical delivery, with 15.4 million barrels of oil to be delivered in September 2011 through the Exchange, surpassing the previous high of 15.1 million barrels set for delivery in September 2010. This confirms the status of DME Oman as the largest physically delivered crude oil contract in the world, underscoring to market participants the benefit of robust price discovery through direct linkage to true market supply and demand fundamentals.

Commenting on the latest trading figures, Thomas Leaver, Chief Executive of the DME, said: “July was a truly outstanding month for the DME. These new records clearly demonstrate the steady progress that we continue to make in consolidating our Oman contract as the accepted price benchmark for crude oil in the Middle East and Asia.

“With more than 50 companies trading regularly on the Exchange, the market is clearly confident that price determined by these market participants in a regulated environment validates the DME Oman Contract as the most efficient price discovery and risk management tool for the fast-growing East of Suez crude oil markets. We will continue to focus our efforts on building liquidity and maintaining momentum.”

The DME was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to East of Suez, the world’s fastest growing commodities market and the largest crude oil supply/demand corridor in the world. Today, DME Oman is the explicit and sole benchmark for Oman and Dubai crude oil Official Selling Prices (OSP), the historically established markers for Middle East crude oil exports to Asia Pacific.

Research additional information:
MENA M&A Market Started 2015 on a Positive Note The MENA M&A market depicted a steady activity during 1Q2015, prolonging its 9-month positive performance. Despite depressed oil prices and the re...
Foreign Funds Will Flow Back to Emerging Markets Foreign funds will flow back to emerging markets as there is no indication of an interest rate hike in the near term. Emerging-market stocks rose the...
Dubai Equity Advisory: Don’t Sell In its most recent report, BofA Merrill Lynch Global Research sees the sharp equity selloff in Dubai as a reflective of broader macroeconomic systemic...
Dubai Stock Market Rapid Stumble Explained The stock market in Dubai saw a 10-month record decline recently. DFM General Index witnessed a decrease of 6.7%, which is the biggest since August 20...
MSCI upgraded UAE and Qatar to Emerging Market Status Late on Wednesday, Index compiler MSCI upgraded the United Arab Emirates and Qatar to emerging market status from frontier, as part of its semi-annual...
Stock Market Competition 2014 Kicks Off in UAE Abu Dhabi University & Abu Dhabi Securities Exchange launches “Stock Market Competition 2014” Abu Dhabi University’s College of Business ...
Hottest and still cheapest stock markets Have you ever tried putting money in the stock market? If you have, then you probably know that it is hard to predict which markets will offer the gre...
Traders bullish on GCC bourses in 2014 UAE markets surged on Monday in an unusual year-end trend as investors bet on a bullish 2014 outlook. Abu Dhabi’s index climbed 1.6 percent to a fr...
Dubai Financial Market gains nearly 100% in 2013 Dubai has a new record to brag about! The city's stock market doubled in value this year. The Dubai Financial Market Index hit a fresh five-year high...
DFM General Index posted highest closing since November 2008, but enthusiasm sli... Dubai’s benchmark stock index rose to the highest in more than five years on Sunday. Investors' sentiment remains upbeat as the authorities announce...