The international derivatives market CME Group announced today that trading in Argus-settled U.S. crude oil futures, which trade as a spread to futures on the global benchmark WTI, hit several record highs in April 2024 :
- ADV record with 17.8K contracts, up 54% YoY
- Record ADV for WTI Midland contracts of 7.1k, up 73% year-over-year
- ADV for WTI Houston contracts record 10.7k, up 43% year-over-year
- Record average daily open interest (ADOI) of 612,000 contracts per day, up 45% year-over-year
- WTI Midland April ADOI record 279.9k contracts, up 37% year-over-year
- WTI Houston April ADOI record 332.8k contracts, up 53% year-over-year
- One-day open interest record total of 657,889 contracts on April 29, 2024.
“As US crude oil exports hit new records, trading demand for our WTI-linked export contracts is also increasing rapidly as global market participants manage their price exposure,” said Peter Keavey, Global Head of Energy at CME Group. “WTI’s position as a global benchmark has never been stronger. Looking ahead, in addition to these volume and open interest records, open interest extends to December 2027, indicating that an increasing number of long contracts are being adjusted to WTI.”
WTI Midland (Argus) vs. WTI futures and WTI Houston (Argus) vs. WTI futures are quoted by and subject to NYMEX rules.