Top US derivatives exchange operator CME Group announced that its Micro WTI Crude Oil futures volume grew by five million contracts. As a result, the Micro WTI Crude Oil has set a new record of 151,131 traded contracts. This is coming after the previous record was broken on November 3.
Global head of energy at CME Group, Peter Keavy, commented on the development. He stated that the company is gradually returning to the pre-pandemic market levels. This has helped to increase the present bullish trend in the futures volume of the contract.
“Micro WTI Crude Oil futures are helping a broader range of clients access these markets more efficiently,” he stated.
Pre-Pandemic Demand Is Gradually Returning
This is coming as the market experiences uncertainty levels even when demand is returning after the pandemic period.
Additionally, he noted that the client interest in crude oil futures has been impressive for smaller size contracts across the globe. It’s a reflection of the important role WTI is playing in today’s market.
Peter added that the company is looking to offer the price discovery and transparency that traders require to manage their exposure to crude oil effectively.
The company disclosed its October trading volume earlier this week. It noted an increase in the average daily volume (ADV) of the interest rate contract. According to the report, CME recorded a 94% increase in interest rates contracts on a year-over-year (YoY) basis. However, the overall ADV surged 32% to 20.4 million contracts on a YoY basis during the same period.
An Improvement On Several Equities
The ADV options were 3.8 million contracts while the equity index was 10.2 million contracts. On the other hand, Forex ADV reached 720,000 while Agricultural ADV hit 1.2 million. Energy ADV was 2.5 million as metals ADV reached 465,000 contracts, making it the least in terms of performance.
Bitcoin futures accounted for 0.5% of the total Equity Index ADV. However, the Micro WTA Crude oil futures were 2.5% of the overall energy ADV while Micro E-mini futures and options recorded an ADV of 2.1 million contracts, which represents 38.8% of the total Equity index ADV.