LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Derivatives marketplace CME Group Inc (NASDAQ:CME) has announced that the WTI Light Sweet Crude Oil futures open interest reached a record 2,695,178 contracts on Friday, May 4, surpassing the previous record of 2,691,028 contracts set on November 10, 2017.
Market participants are using WTI futures and options in record numbers to manage risk amid ongoing geopolitical and global economic uncertainty,” said Peter Keavey, CME Group Global Head of Energy.
These factors, coupled with record U.S. crude oil production and growing exports have renewed NYMEX WTI’s status as the de facto global price-setting and risk management benchmark for the global crude oil market, he added.
On average, WTI futures have traded 1.32 million contracts per day year-to-date through April 2018, an increase of 18 percent versus the same period last year.