Intercontinental Exchange Inc. (ICE) said its Title Transfer Facility (TTF) futures contract, a leading European natural gas benchmark that’s become increasingly tied to global trade of the fuel, reached an all-time open interest record of 1.93 million contracts earlier this month. 

Open interest for TTF, or the number of outstanding derivative contracts that serves as an indication of trading activity is up 20% year/year, ICE said. The virtual pipeline hub in Northwest Europe is also used to price some liquefied natural gas (LNG) deals throughout the region. 

ICE said average daily volume in TTF futures has grown more than 40% since 2016 as Europe has served as a balancing arm for the global gas market with its ample demand and extensive infrastructure and storage that can...