DME launches platform to trade multiple crude grades

SourceTrade Arabia
SectorOil & Gas
CountryUAE

Dubai Mercantile Exchange (DME), an international energy futures and commodities exchange in the Middle East, has launched Alternative Crude Ecosystem (ACE) - a bilateral trading platform to trade multiple crude grades through the exchange. DME, which is based in Dubai International Financial Centre (DIFC), the region’s leading global financial centre, will make the platform available for all participants and will offer traders the opportunity to trade bilateral barrels of Dubai, Upper Zakum, Murban, Basrah Light, Basrah Heavy, Al Shaheen and Oman versus the DME Oman Sour Crude Benchmark futures This new functionality allows Middle East Crude participants a way to execute multiple Over the Counter (OTC) crude grades as differentials against DME Oman futures. The new service offered by DME will shed the light on the growing importance and the status of DME Oman as a strong and reliable Benchmark for the Middle East, representing consistent fair value for Sour Crude barrels to the East of Suez. Raid Al-Salami, Managing Director, DME...read more...