Dubai Mercantile Exchange to launch more futures contracts
Thursday, 7 June 2007
ABU DHABI, June 6 (Xinhua): Dubai Mercantile Exchange (DME), the first energy futures and commodities exchange in the Middle East, plans to launch more futures contracts in association with the New York Mercantile Exchange, local newspaper Gulf News reported yesterday.
"We are working on the aviation fuel contract to be launched by year-end," DME Chairman Ahmad Sharaf was quoted as saying.
"We would also look at developing commodities contracts that are relevant to the region, however, our focus will be on the wholesale global market," Sharaf added.
On June 1, DME went live with the Oman sour crude futures contract and two financially settled futures contracts, the Brent-Oman spread contract and the WTI-Oman spread contract.
More than 2.9 million barrels of oil were traded on the first day of trading at DME, over two-thirds of which came from the physically-settled Oman contract.
The daily settlement prices of the Oman contract will be used by Omani Ministry of Oil and Gas in calculating its official selling price.
"We are working on the aviation fuel contract to be launched by year-end," DME Chairman Ahmad Sharaf was quoted as saying.
"We would also look at developing commodities contracts that are relevant to the region, however, our focus will be on the wholesale global market," Sharaf added.
On June 1, DME went live with the Oman sour crude futures contract and two financially settled futures contracts, the Brent-Oman spread contract and the WTI-Oman spread contract.
More than 2.9 million barrels of oil were traded on the first day of trading at DME, over two-thirds of which came from the physically-settled Oman contract.
The daily settlement prices of the Oman contract will be used by Omani Ministry of Oil and Gas in calculating its official selling price.