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Intercontinental Exchange (ICE) has reported record trading volumes across its futures and options markets during the third quarter of 2024, reporting a total of 517 million contracts traded, with energy futures and options accounting for 276 million of these contracts.
ICE's Senior Vice President of Futures Markets, Trabue Bland, commented the achievement: "The development of ICE's commodity and energy markets began over 20 years ago, allowing us to offer customers a truly global and interconnected platform of markets and data across asset classes, all designed with liquidity, precision and flexibility for managing and identifying risk."
The record-breaking quarter was particularly notable for oil trading, with 173.3 million oil futures and options contracts traded, marking the highest volume since the first quarter of 2020. ICE Brent crude, a global benchmark for oil prices, reached new heights with 93.4 million futures and options traded, achieving a record average daily volume of 1.5 million contracts. On 11 October 2024, Brent options hit a record open interest of 3.77 million contracts, while the combined open interest for Brent futures and options stood at 6 million contracts, representing a 20% year-on-year increase.
ICE Gasoil, which serves as the global benchmark for refined oil products, also saw significant growth. Options trading for Gasoil reached a record of approximately 344,000 contracts in the third quarter. On 3 October 2024, Gasoil futures and options hit a record open interest of 1.3 million contracts, showing a substantial increase of over 60% compared to the previous year.
The company's performance extended beyond its primary benchmarks, with other oil-related products also setting new records. ICE WTI futures and options traded 23.7 million contracts, while ICE Midland WTI (HOU) futures and ICE Murban futures traded record volumes of 1.6 million and 1.9 million contracts, respectively.
In the natural gas sector, ICE reported a 24% year-on-year increase in open interest across its range of global benchmarks. The European TTF natural gas futures and options achieved a record average daily volume of over 400,000 contracts in September 2024, marking a 30% increase from the previous year.
The exchange's environmental products markets also demonstrated strong growth. The EU Carbon Allowance (EUA) futures and options, described by ICE as the world's most liquid carbon market, saw volumes increase by over 40% year-on-year. In North America, ICE's environmental complex reached a record trading volume of 1.47 million contracts in the third quarter. Overall, trading activity across global environmental markets has increased by 42% year-to-date, with open interest up 35% compared to the previous year.
