CME Group Reaches Multiple Records Across U.S. Crude Oil Futures

Rhea-AI Summary

CME Group, the leading derivatives marketplace, achieved record-breaking trading volumes in its U.S. Crude Grade futures in April 2024. The company saw substantial growth in ADV, open interest, and single-day open interest for various crude oil contracts. Commercial demand for WTI-linked export contracts is on the rise as U.S. crude oil exports hit new highs, solidifying WTI's position as a global benchmark. CME Group continues to attract market participants worldwide, offering a wide range of futures, options, and OTC markets.

Positive

• Record ADV of 17.8K contracts, up 54% year-over-year

• Record ADOI of 612K contracts per day, up 45% year-over-year

• Record single-day open interest of 657,889 contracts on April 29, 2024

• Commercial demand for WTI-linked export contracts is growing rapidly

Negative

• Increased trading volume and open interest may lead to higher market volatility

CHICAGO, May 8, 2024 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that trading in its U.S. Crude Grade futures, which are Argus-settled and trade as a differential to the global benchmark WTI Crude Oil futures, reached several records in April 2024:

• Record ADV of 17.8K contracts, up 54% year-over-year
  • Record ADV for WTI Midland contracts of 7.1K, up 73% year-over-year
  • Record ADV for WTI Houston contracts of 10.7K, up 43% year-over-year
• Record average daily open interest (ADOI) of 612K contracts per day, up 45% year-over-year
  • Record April ADOI for WTI Midland contracts of 279.9K contracts, up 37% year-over-year
  • Record April ADOI of WTI Houston of 332.8K contracts, up 53% year-over-year
• Record single-day open interest of a combined 657,889 contracts on April 29, 2024

"As U.S. crude oil exports hit new records, commercial demand for our WTI-linked export contracts is also growing rapidly as global market participants manage their price exposure," said Peter Keavey, Global Head of Energy at CME Group. "WTI's position as a global benchmark has never been stronger. Looking ahead, in addition to these volume and open interest records, open interest extends through December, 2027, indicating a growing number of long-term deals being indexed to WTI."

WTI Midland (Argus) vs. WTI futures and WTI Houston (Argus) vs. WTI futures are listed by and subject to the rules of NYMEX. For more information, please visit here.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

CME-G

 

View original content:https://www.prnewswire.com/news-releases/cme-group-reaches-multiple-records-across-us-crude-oil-futures-302140180.html

SOURCE CME Group

FAQ

What records did CME Group achieve in its U.S. Crude Grade futures in April 2024?

CME Group reached record ADV of 17.8K contracts, up 54% year-over-year, record ADOI of 612K contracts per day, up 45% year-over-year, and record single-day open interest of 657,889 contracts.

What is driving the commercial demand for WTI-linked export contracts?

Commercial demand is increasing as U.S. crude oil exports hit new highs, prompting global market participants to manage their price exposure.

How does CME Group empower market participants?

CME Group enables clients to trade futures, options, cash, and OTC markets, optimize portfolios, and analyze data, helping them efficiently manage risk and capture opportunities.