ICE reports record open interest across commodities and energy amid war anniversary

Rick Steves

“The build in liquidity across ICE’s markets reflects how customers have started the year by actively taking on positions to respond to supply and demand dynamics across commodities, utilizing the liquidity and price signals of ICE’s benchmarks, and the transparency of price discovery to manage their risk.”

Intercontinental Exchange has reported record open interest across its global commodities and energy futures and options markets, with open interest hitting a record 50.7 million contracts across commodity futures and options on February 22, 2023. The figure surpassed the previous record set in October 2021.

ICE also hit record open interest that day of 46.8 million contracts across its global energy futures and options markets, beating the previous record set in April 2022.

Ukraine celebrated the 2014 Maidan revolution on February 22 in a particularly tense week amid the anniversary of Russia’s invasion of Ukraine.

Records contribute to 13% growth in total open interest YTD

ICE stated that these records have contributed to 13% growth in total open interest on ICE since the start of 2023 at 75.7 million contracts, with open interest in commodities up 9% and up 10% in energy.

Open interest in Brent futures and options is up 24% since the start of the year at 4.8 million contracts, and up 16% across ICE’s global oil complex at 11.2 million contracts.

Trabue Bland, SVP, Futures Exchanges at ICE, said: “The build in liquidity across ICE’s markets reflects how customers have started the year by actively taking on positions to respond to supply and demand dynamics across commodities, utilizing the liquidity and price signals of ICE’s benchmarks, and the transparency of price discovery to manage their risk.”

Open interest across ICE’s global natural gas futures and options portfolio is up 8% since the start of the year at 30.3 million, with open interest across North American natural gas futures and options, which includes Henry Hub and U.S. Basis Markets contracts, up 7% at 27.6 million.

Open interest in Henry Hub options is at 10.99 million contracts, the highest since March 2014. Across TTF natural gas futures and options, open interest is up 31% since the start of the year at 2.1 million contracts with positions now out to 2030.

Across ICE’s global environmental complex, open interest is up 15% since the start of the year. The price signals and liquidity provided by ICE’s energy and environmental markets are at the heart of helping companies transition to alternative forms of energy by providing the tools to allocate capital and manage the associated price risk.

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