Records were broken at the New York Mercantile Exchange during the first half of the year, as the continuing credit and financial crisis in the energy industry following Enron’s bankruptcy forced many companies to turn to the exchange instead of to the megamarketers and industry counterparties to lay off risk and execute trading strategies. Nymex said it set records for overall volume and a host of subcategories, including large increases in gas futures and options trading.

“These records, combined with our recent record seat sales, are not only indications of the energy and metals industries’ recent flight to quality, but also of their continued confidence in our core business as an integral part of their future business plans,” said Exchange President J. Robert Collins Jr. “With the successful launch of the over-the-counter clearing and e-miNY energy futures, we look forward to expanding our constituency and extending the efficiency and liquidity of our markets to new venues.”

Exchange-wide volume was up 30% from the same period a year ago, Nymex said. The markets showing the strongest growth during the first half, compared to the same period of 2001, included natural gas options, up 163%; natural gas futures, up 69%; light, sweet crude oil options, up 59%; silver options, up 58%; gold futures, up 16%; light, sweet crude oil futures, up 15%; and heating oil futures, up 10%.

Exchange-wide futures and options activity totaled 66.9 million contracts for the first half of 2002, which surpassed the prior record for a half-year of 56.8 million contracts traded during the second half of 1999. Total exchange futures volume reached 53.2 million contracts, which topped the previous record of 47.5 million futures contracts traded during the second half of 1999.

The natural gas options volume of 6 million contracts during the first six months of 2002 also set an annual volume record, exceeding the full-year record of 5.97 million contracts set in 2001. Natural gas futures volume totaled 12.6 million contracts, which topped the record of 10.3 million contracts set during the second half of 1999.

Exchange-wide trading on Nymex Access for the first half reached 2.5 million contracts, breaking the previous record of 1.5 million contracts established during the second half of 2001. Natural gas futures activity on Access reached 578,395 contracts, breaking the previous record of 465,368 contracts set during the second half of 1999.

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