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ICE’s Global Commodity and Energy Markets Reach Record Open Interest with Record Volume in Oil Options
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Rhea-AI Summary
Intercontinental Exchange (ICE) reported record open interest (OI) across its global commodity and energy futures and options markets as of March 15, 2023. The total OI reached 51.1 million contracts, marking a 10% increase since the start of the year, with energy OI at 47 million, an 18% rise. Oil options saw a record trading volume of 567,731 contracts, including 513,567 Brent options. Brent OI is up 28% at 4.98 million contracts. Additionally, natural gas OI rose 9% to 30.4 million contracts, while the environmental complex OI increased by 16% to 1.9 million contracts, highlighting a significant boost in trading activity across ICE's markets.
Positive
Record open interest of 51.1 million contracts across commodities futures and options, a 10% increase year-to-date.
Energy futures and options OI reached 47 million, reflecting an 18% increase since the beginning of the year.
Oil options trading reached a new high with 567,731 contracts, including 513,567 Brent options.
Brent futures OI increased by 28% to 4.98 million contracts.
Natural gas OI rose 9% to 30.4 million contracts.
Negative
None.
LONDON & NEW YORK & AMSTERDAM--(BUSINESS WIRE)--
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced record open interest (OI) across its global commodity and energy futures and options markets, with record volume in oil options.
On March 15, 2023, ICE hit record OI of 51.1 million contracts across commodities futures and options, up 10% since the start of the year, as well as record OI in energy futures and options of 47 million. Across ICE’s global oil markets, OI is up 18% since the start of the year at 11.37 million contracts, with OI in Brent futures and options up 28% at 4.98 million contracts.
On March 15, 2023, a record 567,731 oil option contracts traded on ICE, including a record 513,567 Brent options. Both records were last set three years ago on March 9, 2020. Brent is used to price an estimated 80% of oil traded on the global market and is the most liquid crude oil futures and options market in the world.
Elsewhere in the oil portfolio, Gasoil, where OI is up 19% since the start of the year, saw 308,400 tons of diesel headed for delivery to North-West Europe at its most recent expiry, the highest since November 2021. Other ICE oil benchmarks performing strongly since the start of the year include ICE Dubai (Platts) where OI is up 9%, with ADV of 55,000 contracts, up 33% year-over-year (y/y); Murban where OI is up 16% at 47,300 contracts, with ADV of 8,400 contracts, up 77% y/y; Midland WTI (HOU) where OI has grown to 14,000 contracts with ADV of 4,700; and Wet Freight, which is used to manage price risk associated with shipping oil, up 7% in OI at 158,100 contracts and ADV up 27%.
“The increase in trading activity across ICE’s markets reflects the breadth of ICE’s commodity benchmarks, with customers utilizing our liquidity and transparency to hedge their risk,” said Jeff Barbuto, Global Head of Oil Markets at ICE. “The resilience of ICE Brent through the shocks the market witnessed last year, and its outperformance this year versus other oil benchmarks, shows how the market depends on its ability to reflect global fundamentals.”
Meanwhile, OI across ICE's global natural gas futures and options portfolio is up 9% since the start of the year at 30.4 million contracts, with OI across North American natural gas futures and options, which includes Henry Hub and U.S. Basis Markets contracts, up 8% at 27.8 million. OI in ICE TTF natural gas futures and options is up 29% since the start of the year at 2 million contracts, with ICE seeing the first trades this week in TTF Calendar Year 2031.
Across ICE’s global environmental complex, which alongside ICE’s energy markets provides price signals and liquidity to help companies transition to alternative forms of energy, OI is up 16% since the start of the year at 1.9 million contracts.
About Intercontinental Exchange
Intercontinental Exchange, Inc.(NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.
What is the record open interest for ICE as of March 2023?
As of March 15, 2023, ICE reported a record open interest of 51.1 million contracts across its global commodity and energy futures and options markets.
How much did the open interest in Brent futures increase?
The open interest in Brent futures increased by 28%, reaching 4.98 million contracts since the start of the year.
What was the trading volume of oil options on March 15, 2023?
On March 15, 2023, a record 567,731 oil option contracts traded on ICE, including 513,567 Brent options.
How has ICE's natural gas futures OI changed in 2023?
The open interest in ICE's natural gas futures and options portfolio increased by 9% since the beginning of 2023, totaling 30.4 million contracts.
What are the recent trends in ICE's environmental complex?
ICE's global environmental complex saw a 16% increase in open interest since the start of 2023, reaching 1.9 million contracts.
