Intercontinental Exchange, Inc. (NYSE:ICE), a global leader in data, technology and market infrastructure, reported a record Open Interest (OI) in its global energy futures and options markets of 50.4 on June 23, 2023 million contracts known 11% yoy (y/y).
In ICE’s global oil markets, OI is up 13% year-on-year to 12.2 million, with OI in Brent futures and options up 14% year-on-year to 5.1 million. Brent is used to price over three quarters of the world’s traded oil and is the most liquid crude oil futures and options market in the world.
ICE’s global power options market performs strongly: OI increased 18% to 17.8 million. OI in ICE’s oil options markets is up 10% year over year to 4.2 million, including a 7% increase in Brent options. Brent Options represents the world’s largest crude oil options market in terms of open interest and volume. OI in ICE’s natural gas options markets is up 23% year-on-year to 13 million, with TTF options reporting record OI on June 23, 2023 reached over 1.5 million, up 79% year over year.
As Midland WTI crude oil can now be shipped into the Brent basket, ICE’s Midland WTI contract (code: HOU) has caused the OI to grow to over 30,000 contracts as participants opted for HOU, to directly value and hedge the Midland WTI exposure. The contract, which is underpinned by a delivery capacity of over 4 million barrels per day of Midland-origin WTI direct to Houston, now calls for delivery of 5 million barrels per month. Midland WTI casks, which can be delivered under the ICE HOU contract, can be delivered to Dated Brent and the rest of the Brent complex.
Other oil benchmarks performing strongly include ICE Gasoil, where OI is up 45% year over year, the highest since January 2022; ICE Dubai (Platts), where OI is up 39% year-on-year to 834,000; and ICE Murban Crude Oil, where OI is up 24% year over year to 51,300 contracts.
“We are seeing our customers taking advantage of the liquid energy benchmarks offered by ICE, especially during times of market uncertainty and change,” said Jeff Barbuto, ICE’s Global Head of Oil Markets. “By leveraging our liquidity and real-time pricing to manage their risk globally, clients will benefit from the margin calls available when trading their global energy portfolio with ICE.”
ICE global natural gas futures and options markets OI is up 13% YoY to 32.9 million, with ICE natural gas futures OI hitting a record 19.8 million on June 26, 2023 OI has set up. ICE offers its customers the widest range of benchmarks in support of natural gas liberalization, including the global benchmark TTF, the US benchmark Henry Hub, the Canadian benchmark AECO, the UK benchmark NBP and ICE JKM LNG (Platts), the benchmark for natural gas for Northeast Asia. TTF natural gas OI is up 40% year-on-year, with TTF futures and options market participation posting record numbers, while ICE natural gas liquid (NGL) futures markets set back-to-back OI records in June and on June 27, 2023 peaked at 315,188 contracts.
Source: ICE
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