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DME Oman Crude Oil Futures Contract
Launched by the Dubai Mercantile Exchange (DME) on 1 June 2007, the DME Oman Crude Oil Futures Contract (OQD) is the Asian crude oil pricing benchmark. The contract is traded on the CME Group’s electronic platform CME Globex, and cleared through CME Clearport.
Contract specifications
| Trading unit | Price quotation | Trading symbol | Trading hours | Trading months | Minimum price fluctuation | Maximum daily price fluctuation | Daily settlement | Final settlement price | Last Trading Day | Settlement Type | Delivery | Governing law |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1000 oilbbl. | ||||||||||||
| U.S. dollars and cents per barrel. | ||||||||||||
| OQD | ||||||||||||
| Electronic trading is open from 18:00 U.S. Eastern Standard Time (EST) and closes at 17:15 EST the next day, Sunday to Friday. | ||||||||||||
| The current year and the next five years will be listed. A new calendar year will be added following the termination of trading in the December contract of the current year. | ||||||||||||
| $0.01 (1) per barrel ($10.00 per contract). | ||||||||||||
| None. | ||||||||||||
| A daily OSP settlement price will be published as at 16:30 (Singapore) 03:30 or 04:30 EST. This price represents the weighted average price of trades in the nearby Contract Month between 16:25 and 16:30 (Singapore). The DME will also publish an end of trading day settlement price for all listed Contract Months, determined as at 14:30 EST, which coincides with the end of the trading day for NYMEX Light Sweet Crude Oil. This latter settlement price is used by the Clearing House to calculate daily variation margin on all open DME Contracts. | ||||||||||||
| The Final Settlement Price for a Contract Month shall be the OSP settlement price on the last Trading Day of the Contract Month. This price represents the weighted average price of trades in the nearby Contract Month between 16:15 and 16:30 (Singapore). The Final Settlement Price will be used for purposes of margins for delivery of the Oil. | ||||||||||||
| Trading in the nearby Contract Month shall cease on the last Trading Day of the second month preceding the Delivery Month. | ||||||||||||
| Physical. | ||||||||||||
| F.O.B at the Loading Port, consistent with current terminal operations. Complete delivery rules and provisions are detailed in Chapter 10 of the rulebook. | ||||||||||||
| English Law. |
Statistics
| 2007* | 2008 | 2009 | 2010 | Average daily volume | Total trade volume | Total physical deliveries |
|---|---|---|---|---|---|---|
| 1357000 oilbbl | 1274000 oilbbl | 2156000 oilbbl | 2944000 oilbbl | |||
| 200892000 oilbbl | 322294000 oilbbl | 551866000 oilbbl | 744727000 oilbbl | |||
| 17203000 oilbbl | 95369000 oilbbl | 104380000 oilbbl | 144892000 oilbbl |
*: the exchanged opened on 1 June 2007.
DME Oman linked contracts
On 5 December 2010, NYMEX launched six DME Oman-linked contracts, traded bilaterally and cleared through CME Clearport. These new DME Oman-linked contracts complement the OQD Futures contract and give market participants regulated and transparent Over-The-Counter (OTC) contracts. The contracts are:
- DME Oman Crude Oil Swap Futures (DOO)
- DME Oman Crude Oil BALMO Swap Futures (DOB)
- ICE Brent vs. DME Oman Crude Oil Swap Futures (DBO)
- DME Oman Crude Oil Average Price Option (DOA)
- Singapore MOGAS 92 Unleaded (Platts) vs. DME Oman Crude Oil Swap Futures (DNB)
- Singapore Gasoil (Platts) vs. DME Oman Crude Oil Swap Future (DZB) The two main contracts which traded immediately were the DOO and the DOB with over 1.7 Moilbbl traded in the first week of their launch.
References
References
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