ICE Natural Gas Futures Hit Record 25.3 Million Open Interest In October

Intercontinental Exchange has announced record liquidity across its global natural gas markets, with open interest reaching 25.3 million contracts on 28 October 2025, marking a 13% year-on-year increase.

The exchange operator's North American natural gas futures markets hit record open interest of 21.2 million on 3 November 2025, up 9% year-on-year, whilst ICE Henry Hub futures open interest increased by 12% year-on-year.

ICE's US Financial Gas futures and options markets reached record open interest of 12.7 million on 31 October 2025, up 8% year-on-year. These markets offer risk management tools that reflect the supply and demand dynamics of 70 distinct North American natural gas hubs.

The physical US natural gas markets recorded their strongest volume month in October 2025, with approximately 660,000 contracts traded, equating to 1.65 billion MMBTU, alongside record average daily volume of approximately 30,000 contracts during the month.

European natural gas futures markets also reached record open interest of 3.3 million on 30 October 2025, up 32% year-on-year, with ICE TTF futures hitting record open interest of 2.8 million, up 32% year-on-year.

Trabue Bland, senior vice president of futures markets at ICE, said:

"ICE's global natural gas markets are seeing strong activity as participants use these markets to hedge regional and international price dynamics, pipeline constraints and evolving energy requirements, with global LNG dynamics linking US gas to international markets. Rapid data centre growth is anticipated to increase US gas-fired power demand, which could tighten supply and add pressure on basis spreads. These factors are collectively deepening futures liquidity as market participants position for both domestic and global shifts."

Trabue Bland, senior vice president of futures markets at ICE

The global natural gas portfolio forms part of ICE's broader global energy markets. The company's total futures markets finished October at record open interest of 59 million contracts, including record open interest of 44 million in commodities.

Intercontinental Exchange is a Fortune 500 company that provides financial technology and data services across major asset classes. The company operates futures, equity, and options exchanges, including the New York Stock Exchange, and clearing houses. It offers markets to trade and clear energy and environmental products, alongside fixed income, data services and execution capabilities.

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