Intercontinental Exchange (ICE) said on Wednesday that its futures and options markets reached record liquidity in May, with particular strength in natural gas and power contract volumes. Across ICE’s global derivatives franchises, total open interest climbed to an unprecedented 130.5 million contracts, a gauge of active positions that rises as more market participants hold contracts.
ICE highlighted sharp growth in natural gas and power open interest during the month. Open interest in its global natural gas markets peaked at 48 million contracts on May 22, an 11% increase from the same period a year earlier. Global power markets hit a new high of 4 million contracts on May 25, up 10% year-on-year. In North America specifically, natural gas futures and options open interest reached a record 41.4 million contracts on May 22, also an 11% rise from the prior year.
While ICE’s statement did not explicitly reference military developments in the Middle East, the firm pointed to shifts that are changing global LNG flows. Trabue Bland, SVP of Futures Markets at ICE, described "the shifting picture for global LNG trade routes" and also cited increased demand from data centres as part of the rationale for greater market participation. Bland added: "Interest in ICE’s natural gas and power markets remains strong as participants hedge regional and international price dynamics, pipeline constraints, infrastructure investments and evolving energy requirements."
The company attributed the surge in open interest to participants seeking to manage exposures created by regional supply dynamics and infrastructure limitations, as well as to hedge against price divergence across regional and international hubs. The data underline pronounced engagement from market participants looking to lock in prices or offset volatility driven by changing trade flows and demand patterns.
Record open interest can indicate deeper liquidity and more active hedging, as well as heightened speculative participation. ICE’s reported milestones for May reflect both global and North American traders increasing their use of futures and options to manage risk tied to natural gas and power markets.
Contextual notes
- Total open interest across ICE futures and options markets: 130.5 million contracts (all-time high).
- Global natural gas open interest: 48 million contracts on May 22, up 11% year-on-year.
- Global power open interest: 4 million contracts on May 25, up 10% year-on-year.
- North America natural gas futures and options open interest: 41.4 million contracts on May 22, up 11% year-on-year.