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OIL
The volume of trades of US Gulf Coast crude futures has surged to record levels this week and up almost 80% this year as traders increase hedging at that location according to Bloomberg.
- Open interest for the CME WTI Houston differential contract jumped to the highest ever at early 235k lots and ICE Houston crude also hit a record of 32k contracts.
- The increase comes as US crude is included in the Dated Brent benchmark that underpins the value of over two-thirds of the world’s physical oil prices.
- “We are seeing an increase in participation in our contracts as the market continues to adapt to changing oil dynamics,” said Peter Keavey at CME. “Open interest across US export grades, which trade at a differential to our benchmark WTI contract, continues to grow.”
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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