Dubai exchange to start jet fuel futures year-end

12 June 2007 03:36  [Source: ICIS news]

KUALA LUMPUR (ICIS news)--The Dubai Mercantile Exchange (DME) plans to launch a jet fuel futures contract by the end of 2007, its CEO said on Monday at the Asia Oil and Gas Conference in Kuala Lumpur.

The DME was firming up arrangements regarding the physical delivery of the contract which was backed by Emirates Airlines and Emirates National Oil Company (ENOC), CEO Gary King said.

He added that the jet fuel market has a real need for a risk management tool particularly with the tremendous growth of Asia Pacific and the Middle East as transport hubs.

The DME launched a physically deliverable Oman crude oil futures contract on 1 June, which has enjoyed a sizeable degree of success in terms of volumes and open interest since launch.

The exchange was looking at a wide range of other projects and was not restricted to just the energy sector, King said.

When asked if petrochemicals will be included, he said: "Everything is on the table."

By: James Dennis
+65 6780 4359

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly