• About the DME
• Membership
• Trading on the DME
• DME Oman Crude Oil Futures Contract (OQD)
• DME Oman Crude Oil Financial Contract (ZGD)
• Information Technology
• Legal, Counterparty Risk, Clearing & Settlement

Q. Which crude oil streams are priced off the DME Oman benchmark?
A. The DME Oman benchmark is used to price the entire production volumes of both Oman and Dubai crudes, the historic markers in the East of Suez. Since the launch of DME in June 2007, the Sultanate of Oman has set its Official Selling Prices (OSPs) on a forward pricing basis using the monthly average of the DME Oman daily settlements (calculated as of 1630 Singapore time). In June 2009, the Dubai Department of Petroleum Affairs (DPA) announced its adoption of a forward OSP formula explicitly-linked to DME Oman daily settlements. The DPA independently sets and announces price differentials used to calculate Dubai monthly OSPs (e.g., Dubai OSP = Month Avg. of DME Oman settlements +/- monthly differential).

Q. How can I trade on the DME?
A. The only requirement for a non-Member to trade on the DME is to become a Guaranteed Customer. This can be achieved by opening an account with a DME Clearing Member, and meeting the requirements set out in Chapter 4 of the DME Rulebook. A list of the DME Clearing Members can be found here. A full list of CME Globex® certified ISVs for trade execution can be found here.

Q. What trading platform does the DME use?
A. The DME uses the CME Globex® trading platform.

Q. What are the DME Trading Hours?
A. The DME markets trade electronically, opening at 1800 U.S. Eastern Standard Time (EST) and closing at 1715 EST the next day, Sunday to Friday. These timings mirror US trading hours.

Singapore is thirteen hours ahead of EST and Dubai is nine hours ahead. The time difference is reduced by one hour when Daylight Saving Time is in effect. Neither Dubai nor Singapore observes Daylight Saving Time.

Q. When does the DME Oman Crude Oil Futures Contract settle?
A. A daily Oman OSP settlement price is published by the DME for the Oman Crude Oil Futures Contract at 1630 Singapore time, this equates to (1230 in Dubai, 0330 or 0430 EST), which is the current close of the Singapore cash market.

This price is used in the monthly formula to calculate the official selling price (OSP) for Oman Crude Oil term sales for that delivery month. The Dubai Department of Petroleum Affairs (DPA) also sets its official monthly selling price for the Emirate′s crude based on a differential to the settlement price of the DME′s Oman Crude Oil Futures Contract.

The DME also publishes an end of day settlement price at 1430 in New York (0230 or 0330 in Singapore the following day) for the DME Oman Crude Oil Futures Contract which coincides with the settlement prices of the NYMEX light sweet crude oil futures contract and other key energy markets. The DME end of day settlement price is used by the Clearing House to mark to market open positions and thereby establish variation margin.

Q. Are there any days in the year on which an Oman OSP settlement price and an end of day settlement price will not be published for the DME Oman Crude Oil Futures Contract?
A. Yes. The DME is closed for trading on New Year′s Day, Good Friday and Christmas Day, therefore no settlement prices will be published on these days. There are six additional US holidays where no margining will occur, but there will be a daily Oman OSP settlement price for the DME Oman Crude Oil Futures Contract at 1630 Singapore time. Please click here to view the Holiday Calendar.

Q. What constitutes a Block Trade?
A. A Block Trade is a large quantity transaction executed away from the exchange. In order to be considered a Block Trade, the trade must satisfy the criteria in Rule 6.34 of the DME Rulebook.

Q. How do I place a Block Trade order?
A. If the order meets the minimum size requirements, you need to advise the broker when placing your order you wish the trade to be entered as a Block Trade.  Also, as the Trade details will be entered into CME ClearPort® via a broker on behalf of the counterparties, counterparties must also be registered to use CME ClearPort.  Parties can enter trade details into CME ClearPort directly without using a broker. The CME ClearPort Market Operations desk (telephone number  +1 212 299 2670) can also submit the trade to ClearPort Clearing on the counterparties’ behalf. For further details please refer to Rule 6.34 in the DME Rulebook.

Q. What is CME ClearPort®?
A. CME ClearPort® is an electronic gateway which allows authorised market participants to submit trades in DME contracts for clearing in real-time. Please click here for further details.

Q. What do I do if I believe I have an error trade?
A. Please call CME Globex Control Center (GCC) on +1 312 456 2391 immediately or at least within eight minutes of the execution of the error trade. More information about Trade Cancellation Policy may be found in the DME Rulebook, Rule 6.20.

Q. Where can I obtain historical data for the DME?
A. DME historical data is available here.