DME Oman Crude Oil Futures Contract


Launched by the Dubai Mercantile Exchange on 1 June 2007, the DME Oman Crude Oil Futures Contract 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 quotationU.S. dollars and cents per barrel.
Trading symbolOQD
Trading hoursElectronic trading is open from 1800 U.S. Eastern Standard Time and closes at 1715 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 monthsThe 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 per barrel.
Maximum daily price fluctuationNone.
Daily settlementA daily OSP settlement price will be published as at 1630 0330 or 0430 EST. This price represents the weighted average price of trades in the nearby Contract Month between 1625 and 1630. 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.
Final settlement priceThe 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. The Final Settlement Price will be used for purposes of margins for delivery of the Oil.
Last Trading DayTrading in the nearby Contract Month shall cease on the last Trading Day of the second month preceding the Delivery Month.
Settlement TypePhysical.
DeliveryF.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 lawEnglish Law.

Statistics

2007*200820092010
Average daily volume
Total trade volume
Total physical deliveries

*: 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 contracts.
The contracts are:
The two main contracts which traded immediately were the DOO and the DOB with over traded in the first week of their launch.