DME launches eight new oil contracts

dme 6DME aims to provide oil producers, traders and consumers engaged in the East of Suez markets with transparent pricing of crude oil. (Image source: nexusseven/Adobe Stock)Dubai Mercantile Exchange (DME), one of the leading international energy futures and commodities exchanges, has launched eight new oil listings, following completion of the regulatory review

Among the new products offered by DME is the Oman Crude Oil/Platts Dubai Crude Oil Futures contract which helps customers match their hedging exposure for crude from Saudi Arabia, the world’s largest exporter of crude oil.

Saudi Aramco recently announced it is changing the way it calculates its official selling price (OSPs) from 1 October 2018, which is set to take the monthly average of DME Oman and Platts Dubai, creating a hybrid between the two major Asia benchmarks.

To complement the new crude oil hedging tool, DME is also listing the Oman and Dubai contract as a spread versus Brent futures and Asian refined products.

The new listings will complement DME’s current suite of products, which includes the Oman Futures contract, along with Dubai and Brent/Dubai futures.

Ahmad Sharaf, chairman of DME, said, “The new listings are the next step in the natural evolution of the DME and exchange-traded products across the Asian markets, helping customers to hedge physical pricing exposure on both crude oil and refined products.”

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