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. 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.
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SOURCE CME Group
