LONDON�Total traded volume on the International Petroleum Exchange in London exceeded 25 million lots last year, a jump of 11% against 1999 figures and a new record, according to the IPE. The value of this trade was some $799 billion, it said, compared to $500 billion the previous year.
Brent crude futures�which swung in price from a low of $21.30 in April a 10-year high of $35.30 in October�traded just over 17 million lots, equal to 17 billion bbl, accounting for 70% of business carried out on the IPE.
At close to 75 million b/d, the average volume traded daily, the IPE noted, was almost on par with that of daily global production of crude.
Gas oil futures volumes rose by 16%, climbing to around 7.1 million lots last year, equivalent to just over 710 million tonnes of gas oil, from 6.2 million lots in 1999.
Natural gas futures volumes hit a record high, rising by 71% with trading of close to 525,000 lots in 2000 vs. some 307,000 lots the year before.
As part of plans to "secure a world-class electronic trading capability" for the exchange, the IPE announced on Jan. 10 that it had to begun to "explore the nature of the long-term relationship with (third party) technology providers" which could involve an equity investment in IPE Holdings PLC.