CHICAGO, May 23, 2023
/PRNewswire/ -- CME Group, the world's leading derivatives
marketplace, today announced that open interest across its suite of
WTI-linked futures, which include WTI Houston (HTT), WTI Midland
(WTT) and Mars (YV) spread futures contracts, surpassed 500,000
contracts on Friday, May 19, 2023.
Average daily open interest in the Argus-settled contracts has also
increased 49% year-to-date as the inclusion of U.S. oil into the
Dated Brent pricing mechanism begins.
"As the U.S. has evolved into an export powerhouse, the price of
WTI has become the most important barrel in the world," said
Peter Keavey, Global Head of Energy
and Environmental Products at CME Group. "We are seeing an increase
in participation in our contracts as the market continues to adapt
to changing oil dynamics. Open interest across U.S. export grades,
which trade at a differential to our benchmark WTI contract,
continues to grow and extends through December of 2026 as
commercial hedgers increasingly index long-term deals to WTI. We
look forward to helping participants across the supply chain
continue to manage their crude oil exposure effectively."
"Argus prices for WTI at the key trading hubs of Midland and Houston underpin what is now the world's third
biggest crude oil derivatives market," said Adrian Binks, Chairman and Chief Executive of
Argus Media. "WTI's status as the pre-eminent global crude
reference price is cemented by its inclusion in the Brent complex.
Had WTI been included in the Brent basket, it would have set the
benchmark half of the time since 2019, when Argus first began
assessing Midland WTI on a delivered Rotterdam basis."
CME Group launched its Argus-settled U.S. crude grade futures in
2016, which have been widely adopted by the market since that time.
Average daily volume across the combined contracts is approximately
12,000 contracts year-to-date, up 76% year-over-year, with
participation from producers, trading firms and refiners in the
U.S. and in Europe.
WTI Houston (Argus) vs. WTI, WTI Midland (Argus) vs. WTI and
Mars (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 and EBS are
trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively.
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These trademarks have been licensed for use by Chicago Mercantile
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CME-G
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SOURCE CME Group