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Article: Nymex sees rapid growth in oil trading and open interest in 2007.(New York Mercantile Exchange Inc.)
- Article from:
- The Oil Daily
- Article date:
- January 16, 2008
- Author:
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The paper trade in oil futures on the New York Mercantile Exchange (Nymex) showed strong growth last year, as the price of the prompt crude contract doubled from $50 at the start of 2007 to $100 at year's end.
Average daily trading volume in Nymex light, sweet crude futures averaged 482,246 contracts last year, up a staggering 70% from 283,080 contracts per day in 2006, Nymex data shows.
On busy days, daily trading volume just in prompt month crude futures can run as high as 250,000 contracts--the equivalent of 250 million barrels of oil, or roughly three times daily global oil consumption.
Similarly, open interest in Nymex crude futures, or ...