Jump to content

DME Oman Crude Oil Futures Contract: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
m Added {{unreferenced}} tag to article using Friendly
 
(12 intermediate revisions by 11 users not shown)
Line 1: Line 1:
{{Use dmy dates|date=January 2024}}
{{unreferenced|date=February 2011}}
{{unreferenced|date=February 2011}}
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 (crude oil)|benchmark]]. The contract is traded on the [[CME Group]]’s electronic platform CME Globex, and cleared through CME Clearport.
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 (crude oil)|benchmark]]. The contract is traded on the [[CME Group]]’s electronic platform CME Globex, and cleared through CME Clearport.


==Contract Specifications==
==Contract specifications==


{| class="wikitable"
{| class="wikitable"
|-
|-
! scope="row" | Trading Unit
! scope="row" | Trading unit
| {{convert|1000|oilbbl|m3}}.
| 1,000 U.S. barrels (42,000 gallons).
|-
|-
! scope="row" | Price Quotation
! scope="row" | Price quotation
| U.S. dollars and cents per barrel.
| U.S. dollars and cents per barrel.
|-
|-
! scope="row" | Trading Symbol
! scope="row" | Trading symbol
| OQD
| OQD
|-
|-
! scope="row" | Trading Hours
! scope="row" | Trading hours
| Electronic trading is open from 1800 U.S. Eastern Standard Time (EST) and closes at 1715 EST the next day, Sunday to Friday.
| 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.
Singapore is 13 hours ahead of EST and Dubai is 9 hours ahead. The time difference is reduced by one hour when Daylight Saving Time is in effect. Neither Dubai nor Singapore observes Daylight Saving Time.
Singapore is 13 hours ahead of EST and Dubai is 9 hours ahead. The time difference is reduced by one hour when Daylight Saving Time is in effect. Neither Dubai nor Singapore observes Daylight Saving Time.
|-
|-
! scope="row" | Trading Months
! scope="row" | Trading months
| 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.
| 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.
|-
|-
! scope="row" | Minimum Price Fluctuation
! scope="row" | Minimum price fluctuation
| $0.01 (1) per barrel ($10.00 per contract). 
| $0.01 (1) per barrel ($10.00 per contract).
|-
|-
! scope="row" | Maximum Daily Price Fluctuation
! scope="row" | Maximum daily price fluctuation
| None.
| None.
|-
|-
! scope="row" | Daily Settlement 
! scope="row" | Daily settlement
| A daily OSP settlement price will be published as at 1630 (Singapore) 0330 or 0430 EST. This price represents the weighted average price of trades in the nearby Contract Month between 1625 and 1630 (Singapore).  The DME will also publish an end of trading day settlement price for all listed Contract Months, determined as at 1430 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.
| 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.
|-
|-
! scope="row" | Final Settlement Price
! scope="row" | Final settlement price
| 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 1615 and 1630 (Singapore). The Final Settlement Price will be used for purposes of margins for delivery of the Oil. 
| 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.
|-
|-
! scope="row" | Last Trading Day 
! scope="row" | Last Trading Day
| Trading in the nearby Contract Month shall cease on the last Trading Day of the second month preceding the Delivery Month.
| Trading in the nearby Contract Month shall cease on the last Trading Day of the second month preceding the Delivery Month.
|-
|-
! scope="row" | Settlement Type 
! scope="row" | Settlement Type
| Physical. 
| Physical.
|-
|-
! scope="row" | Delivery
! scope="row" | Delivery
| 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.
| 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.
|-
|-
! scope="row" | Governing Law
! scope="row" | Governing law
| English Law.
| English Law.
|}
|}
Line 51: Line 52:
{| class="wikitable" style="margin: 1em auto 1 em auto;"
{| class="wikitable" style="margin: 1em auto 1 em auto;"
|-
|-
!scope="col" | Unit is 1,000 barrels
!scope="col" |
!scope="col" | 2007*
!scope="col" | 2007*
!scope="col" | 2008
!scope="col" | 2008
Line 57: Line 58:
!scope="col" | 2010
!scope="col" | 2010
|-
|-
!scope="row" | Average Daily Volume
!scope="row" | Average daily volume
| {{convert|1357000|oilbbl|m3|abbr=on}} || {{convert|1274000|oilbbl|m3|abbr=on}} || {{convert|2156000|oilbbl|m3|abbr=on}} || {{convert|2944000|oilbbl|m3|abbr=on}}
| 1,357 || 1,274 || 2,156 || 2,944
|-
|-
!scope="row" | Total Trade Volume
!scope="row" | Total trade volume
| {{convert|200892000|oilbbl|m3|abbr=on}} || {{convert|322294000|oilbbl|m3|abbr=on}} || {{convert|551866000|oilbbl|m3|abbr=on}} || {{convert|744727000|oilbbl|m3|abbr=on}}
| 200,892 || 322,294 || 551,866 || 744,727
|-
|-
!scope="row" | Total Physical Deliveries
!scope="row" | Total physical deliveries
| {{convert|17203000|oilbbl|m3|abbr=on}} || {{convert|95369000|oilbbl|m3|abbr=on}} || {{convert|104380000|oilbbl|m3|abbr=on}} || {{convert|144892000|oilbbl|m3|abbr=on}}
| 17,203 || 95,369 || 104,380 || 144,892
|}
|}
''*: the exchanged opened on the 1st June 2007.''
''*: the exchanged opened on 1 June 2007.''


==DME Oman Linked Contracts==
==DME Oman linked contracts==
On the 5th 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 (finance)|Over-The-Counter]] (OTC) 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 (finance)|Over-The-Counter]] (OTC) contracts.
The contracts are:
The contracts are:
* DME Oman Crude Oil Swap Futures (DOO)
* DME Oman Crude Oil Swap Futures (DOO)
Line 77: Line 78:
* Singapore MOGAS 92 Unleaded (Platts) vs. DME Oman Crude Oil Swap Futures (DNB)
* Singapore MOGAS 92 Unleaded (Platts) vs. DME Oman Crude Oil Swap Futures (DNB)
* Singapore Gasoil (Platts) vs. DME Oman Crude Oil Swap Future (DZB)
* 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 million barrels traded in the first week of their launch.
The two main contracts which traded immediately were the DOO and the DOB with over {{convert|1.7|Moilbbl|m3}} traded in the first week of their launch.


==See also==
==See also==
* [[West Texas Intermediate]]
* [[Dubai Mercantile Exchange]]
* [[Dubai Mercantile Exchange]]
* [[CME Group]]
* [[CME Group]]
* [[The Chicago Mercantile Exchange]]
* [[Chicago Mercantile Exchange]]
* [[NYMEX]]
* [[NYMEX]]
* [[Petroleum Development of Oman]]
* [[Petroleum Development of Oman]]
Line 93: Line 95:
* [http://www.dubaimerc.com DME website]
* [http://www.dubaimerc.com DME website]
* [http://www.cmegroup.com CME Group website]
* [http://www.cmegroup.com CME Group website]
* [http://www.dfsa.ae DFSA Website]
* [https://web.archive.org/web/20190806095600/http://www.dfsa.ae/ DFSA Website]


[[Category:Benchmark crude oils]]
{{Uncategorized|date=February 2011}}
[[Category:Stock exchanges in the United Arab Emirates]]

Latest revision as of 06:22, 11 May 2024

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

[edit]
Trading unit 1,000 barrels (160 m3).
Price quotation U.S. dollars and cents per barrel.
Trading symbol OQD
Trading hours 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.

Singapore is 13 hours ahead of EST and Dubai is 9 hours ahead. The time difference is reduced by one hour when Daylight Saving Time is in effect. Neither Dubai nor Singapore observes Daylight Saving Time.

Trading months 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.
Minimum price fluctuation $0.01 (1) per barrel ($10.00 per contract).
Maximum daily price fluctuation None.
Daily settlement 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.
Final settlement price 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.
Last Trading Day Trading in the nearby Contract Month shall cease on the last Trading Day of the second month preceding the Delivery Month.
Settlement Type Physical.
Delivery 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.
Governing law English Law.

Statistics

[edit]
2007* 2008 2009 2010
Average daily volume 1,357,000 bbl (215,700 m3) 1,274,000 bbl (202,500 m3) 2,156,000 bbl (342,800 m3) 2,944,000 bbl (468,100 m3)
Total trade volume 200,892,000 bbl (31,939,300 m3) 322,294,000 bbl (51,240,700 m3) 551,866,000 bbl (87,739,700 m3) 744,727,000 bbl (118,402,100 m3)
Total physical deliveries 17,203,000 bbl (2,735,100 m3) 95,369,000 bbl (15,162,500 m3) 104,380,000 bbl (16,595,000 m3) 144,892,000 bbl (23,036,000 m3)

*: the exchanged opened on 1 June 2007.

DME Oman linked contracts

[edit]

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 million barrels (270,000 m3) traded in the first week of their launch.

See also

[edit]
[edit]
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=DME_Oman_Crude_Oil_Futures_Contract&oldid=1223304151"